Bank of America Consumer Clients Make $335 Billion in Payments in January, up 17% Year-Over-Year
Bank of America today announced their approximately 67 million consumer clients made $335 billion in total payments during January, a 17% increase over January 2021 and the second highest month of spending on record. This follows a 5% increase in total payments in January 2021 when compared to pre-pandemic levels in January 2020.
January marked a continuation of significant consumer spending in 2021. Bank of America consumer clients made a record $3.8 trillion in total payments during all of last year, an increase of 24% over pre-pandemic levels in 2019 – this included a record fourth quarter of payments totaling over $1 trillion, up 28% over 2019, as well as record spending during the November and December holiday season.
“Bank of America consumer clients continued their strong payment trends in January, following record levels in 2021,” said Mary Hines Droesch, Head of Consumer and Small Business Products, Bank of America. “Our clients’ checking and savings deposit balances were also up 15% year-over-year, growing across all levels of affluence. These trends bode well for the economy as we move further in 2022.”
Bank of America is a provider of choice for individuals and businesses when paying for goods and services. The company’s award-winning and easy-to-use capabilities help clients budget, save, spend and borrow carefully and confidently. Bank of America reviews aggregate activity across its vast client base to discern important payments trends, including debit and credit spending. Going forward, Bank of America will share insights into consumer payments trends on a monthly basis.
This data represents aggregate spend from Retail, Preferred, Small Business and Wealth Management clients with a deposit account or credit card. Deposit balances include checking and savings accounts. Total payments include credit card, debit card, ACH, wires, bill pay, person-to-person, cash and checks. Digital credit and debit card spend includes online and mobile transactions. Data is not adjusted for seasonality, processing days or portfolio changes, and may be subject to periodic revisions. Card transactions are categorized by proprietary methods and the Merchant Categorization Code (MCC) defined by financial services companies.
Bank of America is one of the world’s leading 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 approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 33 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Don Vecchiarello, Bank of America