Consumer Banking

9/15/20 9:00 am EDT

New Homebuyer Insights from Bank of America show that the desire to own a home remains strong. Nearly nine in 10 prospective buyers surveyed are still motivated to purchase their first home, and four in five say saving for a home remains a priority. In fact, 56% say they are either accelerating their home purchase timeline (14%) or are still on course with their original plans (42%). Of those remaining, 28% say they will buy later than planned, and 16% plan to renovate or hold off on buying for now.

“Home is more more...

8/31/20 9:00 am EDT

At a time when clients are engaging heavily through digital channels, Bank of America has announced enhancements to its mobile banking app as part of its ongoing commitment to delivering a personalized digital experience for clients’ banking, investing and lending needs. Within the mobile app, millions of Bank of America banking clients with either a Merrill investing or retirement relationship or a Bank of America Private Bank relationship can now benefit from convenient, easy and safe access to:

  • An integrated view of accounts: Clients can view all of their more...
6/24/20 9:00 am EDT

For the 11th consecutive year, the J.D. Power Certified Customer Service Program has recognized Bank of America’s Corporate, Commercial and Business Banking contact centers, which include card servicing, for providing “An Outstanding Customer Service Experience.”

“Congratulations to the entire team at Bank of America Corporate, Commercial and Business Banking Services for providing an outstanding customer service experience with live phone support for the 11th consecutive year,” said Mark Miller, practice leader, Customer Service Advisory at J.D. Power. “ more...

4/30/20 10:15 am EDT

Today, Bank of America released its Task Force on Climate-related Financial Disclosures (TCFD) Report, reflecting its support for disclosure and transparency of climate-related business risks and its focus on ensuring climate-related risks and opportunities are properly managed within its business. The company’s TCFD Report articulates how it evaluates the impact of climate change on its business, effectively manages those risks, and continues to enhance its understanding of how to measure and model climate-related risks and their potential significance.

“At Bank of America, our more...

3/30/20 9:00 am EDT

As the federal government continues to finalize the details and protocols of implementing the recently passed Coronavirus Aid Relief and Economic Security (CARES) Act, Bank of America today announced that it will provide up to $250 million in capital to community development financial institutions (CDFIs) by funding loans through the newly established Paycheck Protection Program. In addition, Bank of America will provide up to $10 million in philanthropic grants to help fund the operations of CDFIs.

CDFIs, also known as local loan centers, are small and typically not-for-profit more...

3/19/20 5:20 pm EDT

Bank of America anunció hoy un apoyo adicional para sus 66 millones de consumidores y clientes de pequeñas empresas en respuesta a los retos sin precedentes debido al coronavirus. La compañía sigue ofreciendo acceso a los servicios financieros importantes que estos clientes necesitan.

“Nuestros clientes confían en nosotros todos los días en cada aspecto de su vida financiera”, dijo Dean Athanasia, presidente del departamento de Consumidor y Pequeñas Empresas de Bank of America. “Seguiremos ofreciendo un acceso conveniente a los servicios importantes en los que cuentan, y la more...

3/19/20 5:18 pm EDT

(Updated March 31, 2020)

Bank of America today announced additional support for its 66 million Consumer and Small Business clients in response to the unprecedented challenges of the coronavirus. The company is offering assistance to clients through its Client Assistance Program and continuing to provide access to the important financial services on which these clients rely.

“Our clients rely on us every day and for every aspect of their financial lives,” said Dean Athanasia, president of Consumer and Small Business at Bank of America. “We’re going to continue to provide more...

2/3/20 9:00 am EST

Bank of America today announced that its Merrill Edge Self-Directed platform has been recognized with several top rankings and awards. The recent accolades reflect the bank’s ongoing commitment to delivering industry-leading client care, innovative experiences, integrated banking and investing offerings, and intuitive tools to help clients pursue socially responsible investing.

“We are relentlessly focused on delivering a superior client experience and providing clients the insights they need to pursue their more...

1/8/20 9:00 am EST

Bank of America has launched a new educational video series designed to simplify the homebuying process for prospective first-time buyers. The First-Time Homebuyer Online Edu-Series™ features Bank of America experts providing guidance and tips on homebuying, and is the company’s latest effort to help more individuals and families pursue sustainable and affordable homeownership.

The six-episode, on-demand series, hosted by BuzzFeed’s Hannah Williams, covers key aspects of homebuying and teaches viewers smart strategies to more...

12/11/19 9:00 am EST

Bank of America today announced that its artificial intelligence (AI)-driven virtual financial assistant, Erica®, has surpassed 10 million users since its nationwide rollout in June 2018 and is on track to complete 100 million client requests in the coming weeks. These milestones coincide with the introduction of several new Erica insights within the bank’s award-winning mobile app that offer clients personalized, proactive guidance to help them stay on top of their finances.

“Erica is ushering in a new era of personalized more...

12/9/19 8:00 am EST

Bank of America today announced the expansion of unlimited commission-free online stock, ETF and option trading to all Merrill Edge Self-Directed investors.1 Zero-dollar trades, together with the firm’s powerful combination of personalized guidance, straightforward tools, professional expertise and the industry-leading Preferred Rewards program, ensure Bank of America and Merrill clients can pursue their financial goals through a more...

10/24/19 9:45 am EDT

Bank of America today announced the launch of its newly designed, award-winning mobile banking app that will provide a more seamless and streamlined experience for its approximately 29 million mobile clients. The sleek, modern design makes it even easier to navigate all of Bank of America’s robust mobile banking features. The latest version of the app also includes enhancements to more...

10/21/19 8:00 am EDT

Bank of America today announced that Merrill Edge Self-Directed will expand its zero-dollar online trade benefits, offering unlimited commission-free stock, exchange-traded fund (ETF) and option trading to clients in all tiers of its Preferred Rewards program.1 This expansion further enhances the benefits of this unique program, which rewards members for their full relationship across Bank of America deposit and Merrill more...

10/3/19 9:00 am EDT

Bank of America and AARP today announced a collaboration to provide resources to help­ retirees combat financial exploitation. Through the collaboration, Bank of America will feature AARP educational content in the Bank of America Security Center. The additional content, focused on promoting security and fighting scams, will complement the Security Center’s full range of information related to the bank’s efforts to help clients to identify, avoid and resolve fraud events faster. Bank of America will also offer an more...

9/27/19 9:00 am EDT

Bank of America is celebrating five years of its industry-leading loyalty program, Preferred Rewards, which rewards members with perks and benefits across their entire banking relationship. This unique approach to rewards has helped generate record levels of client satisfaction and retention with members. Members report more than 85 percent satisfaction with their banking relationship, and have a retention rate of nearly 99 percent. In addition, 8 out of 10 members say they are “highly likely” to recommend the bank to more...

9/5/19 9:00 am EDT

Most Americans prefer a mortgage payment to paying rent monthly according to Bank of America’s Homebuyer Insights Report. In fact, 93 percent of people who have bought a home are happier because of it, and 83 percent say they wouldn’t go back to renting. Most credit their happiness to an emotional attachment to their home, as well as the improved lifestyle and variety of hobbies that come with owning.

“We know how much homeownership means, and we see examples every day of how owning a home gives our clients the power to build personal wealth and make memories,” said D. Steve more...

8/21/19 9:00 am EDT

Bank of America today announced record-breaking person-to-person (P2P) payments use, as the company’s active Zelle® users have already completed more transactions this year than in all of 2018. In less than nine months, Bank of America clients sent and received a total of 163 million transactions, compared to 157 million transactions throughout 2018.

As people increasingly turn to cashless solutions to move and manage their money, Bank of America now has nearly 8.4 million clients actively using Zelle more...

7/22/19 9:00 am EDT

Bank of America today announced that it has opened its first full-service financial center in Cincinnati and will open its first in Columbus in the coming weeks. The company’s arrival in Ohio brings retail banking, lending and small business services, plus investing with Merrill, to new and existing clients in the areas. These centers serve as a destination to provide clients easy access to expert advice for all their financial needs.

The bank plans to open nearly 30 centers in Cincinnati and Columbus over the next two years and will expand its presence into the more...

6/25/19 9:00 am EDT

Bank of America today announced the launch of a digital debit card and other enhancements to its award-winning mobile banking app designed to make it easier and more convenient for clients to manage their finances on the go. These latest enhancements further advance the company’s high-tech and high-touch approach to helping clients meet their financial goals.

This digital debit card has the same protections and more...

6/11/19 9:30 am EDT

Bank of America Advantage SafeBalance Banking®, one of the first banking accounts to eliminate overdraft fees, is on track to surpass 1 million accounts this month. Last month, MONEY named Bank of America the “Best Bank for College Students” and selected the Advantage SafeBalance Banking account as best for students.

“SafeBalance Banking has become one of our most popular checking accounts for students and helps clients at every life stage maintain control over their finances,” said April more...