Consumer Banking

3/21/19 9:00 am EDT

Bank of America today announced that Erica, its artificial intelligence (AI)-driven virtual financial assistant, has surpassed 6 million users and completed more than 35 million client requests. This milestone coincides with the introduction of a series of new features in the award-winning mobile app, including several new Erica insights that offer clients personalized, more...

2/28/19 12:00 pm EST

Merrill Edge was recognized in Barron’s 2019 Best Online Brokers review, receiving four out of five stars for the sixth consecutive year and ranking fifth overall, up a spot from sixth in 2018. 

This ranking follows the 2019 annual review by StockBrokers.com, which ranked Merrill Edge No. 1 for “Overall more...

2/4/19 9:00 am EST

Bank of America today announced it received the highest recognition in customer satisfaction for retail banking advice in the J.D. Power 2019 U.S. Retail Banking Advice StudySM. This top spot and 5 out of 5 Power Circle Rating, which is “among the best,” are firsts for Bank of America in the annual study of retail banking client satisfaction with bank-provided advice offerings.

“We work tirelessly to deliver exceptional client care across every touchpoint with our 66 million clients,” said Dean Athanasia, president of Consumer and Small Business at Bank of America. “We more...

1/30/19 9:00 am EST

Bank of America today announced that it will expand eligibility for commission-free online stock and ETF trades through Merrill Edge. This benefit has been available for clients enrolled in the higher tiers of the Preferred Rewards program for the past four years and will extend to all enrolled clients, regardless of tier, starting in the second quarter of this year.

Launched in 2014, Preferred Rewards is a first-of-its-kind, comprehensive loyalty program based on a client’s full relationship across Bank of America banking and/or Merrill Edge and Merrill Lynch more...

1/25/19 6:10 pm EST

Bank of America’s Client Assistance Program will continue to offer personalized assistance to clients as the shutdown ends and the federal government reopens. On January 11, customers were sent an email from Aron Levine, head of Consumer Banking, encouraging those impacted by the shutdown to call a priority assistance phone line at 844.219.0690 to contact a specialist who can walk them through tailored options including:

  • Special interest rate – A limited-time zero percent interest rate on more...
1/11/19 4:27 pm EST

Bank of America today reached out to clients who may be impacted by the partial federal government shutdown to make them aware of the bank’s Client Assistance Program.

We know the partial federal government shutdown is affecting many of our clients, and we want them to know that we are here to help,” said Aron Levine, head of Consumer Banking. “Our Client Assistance Program is available to individuals affected by the shutdown for personalized financial assistance, tailored to their specific situation and more...

1/8/19 9:00 am EST

Bank of America today became the first financial services company to be both mobile app- and online banking-certified by J.D. Power for providing “An Outstanding Customer Experience1.” This is the second consecutive year J.D. Power has certified Bank of America’s mobile app and the first year for the new website certification.

J.D. Power’s certification programs reflect brands’ commitment and dedication to providing customers a digital experience that meets their evolving expectations.

“With 36 million digital clients, we strive to provide the best user more...

12/12/18 9:30 am EST

Bank of America today announced several updates to its award-winning mobile banking app to provide a seamless experience wherever and whenever clients choose to bank.

One of the most significant enhancements is a redesigned, industry-leading iPad app experience. Designed to closely mirror the Bank of America iPhone mobile banking app, the experience offers new features and makes it easier for clients to manage finances on their terms.

”With 26 million mobile clients and growing, a smooth experience across all devices and channels is always our top priority,” said David more...

12/12/18 9:00 am EST

Bank of America announced today that all content from Better Money Habits®, its free financial education platform, is available in Spanish. Now, users can access the full suite of easy-to-understand tools and resources in Spanish and have the power to make sense of their money and take steps to improve their personal finances.

In addition, new research from Bank of more...

12/10/18 10:00 am EST

Bank of America today announced a new Bank of America® Cash Rewards credit card that gives clients the flexibility to choose how they earn rewards based on their changing priorities and interests. This is the first cash back card that offers this level of flexibility on earning and redeeming rewards.

Beginning the week of January 14, clients will be able to choose how they earn their 3 percent cash back from one of six popular categories: gas, online shopping, dining, travel, drug stores, or home improvement and furnishings. Clients will continue to earn 2 percent cash back at more...

12/5/18 11:00 am EST

U.S. homeowners who leveraged secured financing to pay for renovations in 2017 were able to take on larger home improvement projects, with nearly three times the median spend of those who paid for renovations with cash-only ($32,000 versus $13,000), according to a study released today by Houzz Inc., in collaboration with Bank of America.

The study explored the role of secured financing in U.S. home improvement and found that one in seven homeowners who used secured financing, such as a home equity line of more...

11/30/18 9:00 am EST

Matters of the heart are quickly becoming worries of the wallet, as 56 percent of Americans say they want a partner who provides financial security more than “head over heels” love (44 percent). This sentiment is held by both men and women (54 percent, compared to 57 percent), whereas Generation Z (born between 1996 and 2010) is the only generation to choose love (54 percent) over money (47 percent).

These findings come from the latest more...

11/30/18 9:00 am EST

Atlanta residents are prioritizing money over love, as 55 percent of Atlantans say they want a partner who provides financial security more than “head over heels” love (45 percent). While both genders agree, women are slightly more likely than men to prioritize financial security over love (57 percent, compared to 51 percent).

This reliance on others mirrors national trends from the latest Merrill Edge Report, which explores Americans’ increasingly complex relationship with their money, significant others and financial futures. more...

11/29/18 12:41 pm EST

Bank of America today announced that Mori Paulsen has been appointed market president, serving as the company’s enterprise leader in Salt Lake City. In addition to his market president role, Paulsen remains market executive with Merrill Lynch.

This leadership appointment follows Bank of America’s announced plans to expand its retail banking services to Salt Lake City, where it has a long history of serving clients. The company currently more...

11/15/18 9:00 am EST

First we talked, then we texted – what’s next? Social media handles are becoming the new “digits,” according to the latest Bank of America Trends in Consumer Mobility Report.

The report, which explores timely mobile trends and forward-looking behaviors, also finds the lines between physical and digital are more...

10/22/18 9:00 am EDT

Bank of America today announced a series of new features to its artificial intelligence (AI)-driven virtual financial assistant, Erica, to help clients tackle more complex tasks and provide personalized, proactive guidance to help them stay on top of their finances.

The latest enhancements to Erica are all about giving our 26 million mobile users more insight into their full financial picture,” said Michelle Moore, head of digital banking at Bank of America. “When we piloted these new offerings, we received overwhelming more...

10/17/18 9:30 am EDT

As part of its customer-focused strategy to drive responsible growth, Bank of America is changing how its employees work with clients, based on personalized needs at each stage of their lives. To foster deeper relationship-building, the bank has launched Lifestage Navigation, a learning curriculum that will help employees personalize each client’s experience by focusing on six key life stages: early adulthood, parenting, caregiving, retirement, widowhood, and end of life/legacy. These key life stages were identified through input from more than 50,000 survey more...

10/10/18 9:00 am EDT

Charlotte’s millennials are straying from the norm as they redefine life’s priorities, according to the latest Bank of America Homebuyer Insights Report. Seventy-eight percent of local millennials say owning a home is a top priority, nearly tied with being able to retire (81 percent) and far outranking getting married (54 percent) and having children (47 percent).

The report, which explores the attitudes, preferences, and behaviors of the modern homebuyer, also finds that many local millennials equate more...

10/10/18 9:00 am EDT

Millennials are straying from the norm as they redefine life’s priorities. A new survey released today finds that 23- to 40-year-olds are placing homeownership above nearly all else, with 72 percent of millennials saying owning a home is a top priority. Homeownership is second only to being able to retire (80 percent), and far outranks getting married (50 percent) and having children (44 percent).

Furthermore, many millennials equate homeownership with personal (53 percent) and financial (45 percent) success. Prospective more...

10/10/18 9:00 am EDT

San Francisco’s millennials are straying from the norm as they redefine life’s priorities, according to the latest Bank of America Homebuyer Insights Report. Eighty-three percent of local millennials say owning a home is a top priority, more than being able to retire (73 percent) and far outranking getting married (47 percent) and having children (42 percent).

The report, which explores the attitudes, preferences, and behaviors of the modern homebuyer, also finds that many local millennials equate homeownership more...