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Bank of America Introduces New Online Money Management Tools

Easy-to-use, convenient tools help consumers set budget goals and track spending

Wednesday, January 31, 2007 8:08 am EST

Dateline:

CHARLOTTE, N.C.

Public Company Information:

NYSE:
BAC
"The combination of My Portfolio and these new money management tools gives consumers a comprehensive picture of their income and expenses at one convenient site"

Bank of America Online Banking customers now have access to a full range of money management tools that help them track expenses and income by category, set budget goals and monitor performance against goal for all of their financial accounts.

The tools are available free through My Portfolio, the bank's account aggregation service, which is integrated into Online Banking. My Portfolio provides customers with a complete view of their Bank of America accounts as well as accounts at other financial institutions or Web sites -- such as credit cards, investments, reward programs -- all in a single, secure location.

The new money management features give customers the ability to:

  • Use expense categorization and budgeting tools to get more control over spending and help for future savings.
  • Sort transactions by account, category or date.
  • Search for specific transactions across multiple accounts.

Categories -- such as restaurant, home maintenance, utilities -- are automatically assigned to transactions. Customers also can create guidelines to adjust the way their expenses are categorized and flag items as tax- related, medical, personal or business.

"The combination of My Portfolio and these new money management tools gives consumers a comprehensive picture of their income and expenses at one convenient site," said Sanjay Gupta, e-Commerce executive for Bank of America. "This is a simple and easy way for consumers to get more control over their finances without manually transferring or downloading information to financial management software programs."

Customers can view a variety of charts and select timeframes ranging from one week up to 12 months. Charts include:

  • Expense analysis that breaks down expenses by category.
  • Cash flow analysis that tracks income and expenses over a period of time.
  • Budget versus actual spending chart that tracks actual spending compared to budget goals.
  • Credit card utilization chart that tracks balances for each credit card.
  • Budget goal chart that lets them set up individual budget goals by category or set an overall budget.

To access the tools through My Portfolio, customers simply click on the link to My Portfolio on the Account Overview screen within Online Banking and go to the Financial Management tab.

About Online Banking

Bank of America is a leading provider of online financial services, and its online site,

http://www.bankofamerica.com/, has received widespread recognition. Bank of America has the most online bankers in the world, according to Financial Insights. The site is among the top 50 of all U.S.-based Internet properties in terms of unique visitors monthly, and No. 1 among business and finance sites, according to comScore Media Metrix. Bank of America ranked No.1 in Javelin Strategy & Research's Identity Fraud Safety Scorecard in 2004 and 2005. BusinessWeek called the SiteKey security service one of the best products of 2005. Bank of America won the Webby Award and Webby People's Choice Award in 2006 in the online banking/bill pay category. Global Finance magazine named bankofamerica.com the best consumer online banking site in the U.S. and ranked the bank No. 1 for its online investment management services, bill payment and presentment, information security initiatives and integrated consumer bank site. In 2006, Nielsen/NetRatings said Bank of America is the top online full-service bank destination in terms of audience, page views and active reach on the site. In 2005, the site was ranked among the Forbes Best of the Web.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, through more than 17,000 ATMs and award-winning online banking with more than 21 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Contact:

Bank of America
Betty Riess, +1-415-622-6397
Betty.riess@bankofamerica.com