tcbusiness.com – Banking

Bank of America payments and spending data shows continued small business resiliency

Small business payments per client increased 11% year over year in August; Card spending per client increased 13% year over year

The Bank of America Institute released a new publication which finds continued resilience in small businesses. New Bank of America small business data shows that, despite economic headwinds, small businesses continue to strengthen in a variety of areas, including credit and debit card spending, business travel expenditures and payroll payments. Overall small business payments per client increased 11% year over year in August, up from 3% year over year in the prior month. Card spending per client increased 13% year over year last month, outpacing July’s 7% growth rate.

One important reason for the continued resiliency in small businesses is the return of business travel. According to the US Travel Association, business travel accounted for more than a quarter of total travel spending in the US prior to the pandemic. Bank of America internal data indicates that the number of travel transactions per small business client is at 90% of the 2019 annual average, the highest level since the pandemic began. This includes airlines, lodging, cruise lines, travel agency, car rental and other transportation. Furthermore, small business card spending per client for travel increased 31% year over year in August, up from 19% in July.

Small businesses also continue to see strength in payroll payments. The average overall payroll spend per client was up 11% year over year in July on a 3-month rolling average, suggesting robust hiring and wage growth momentum. Restaurant and bar payroll payments are easing from recent highs, down to a still resilient 18% year over year in August.

Other highlights of the publication include:

Small business card spending varied greatly across annual income tiers, and small businesses with greater annual revenues spent at a faster pace than those with lower annual revenues.
For small businesses with annual sales revenue higher than $1 million, card spending per client for travel was up the most, at 43% year over year in August. This increase was partially due to a reversal of the depressed levels of spending on business travel last August due to the spread of the Delta variant.
After-tax wages based on the internal Bank of America consumer deposit data for small business clients were up 6.1% year over year on a 3-month rolling basis in August (for more please see our latest Consumer Checkpoint). This outpaces data from the Bureau of Labor Statistics, which finds that average hourly earnings for August increased by 5.2% year-over-year.

“Despite economic headwinds like high inflation, small businesses are heading into the fall with cautious optimism,” said Anna Zhou, economist for the Bank of America Institute. “We see things like the rebound in small business travel and resilience in payroll payments as further evidence the economy is getting back on track.”

Small Business Checkpoint

Small Business Checkpoint is a regular publication from the Bank of America Institute. It aims to provide a real-time assessment of small business spending activities and financial well-being, leveraging the depth and breadth of Bank of America’s proprietary data. Such data is not intended to be reflective or indicative of, and should not be relied upon as, the results of operations, financial conditions, or performance of Bank of America.

See the Small Business Checkpoint for methodology and definitions.

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Bank of America Institute

The Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, Environmental, Social and Governance (ESG), and global transformation. The Institute leverages the depth and breadth of the bank’s proprietary data, from 67 million consumer and small business clients, 54 million verified digital users, $3.8T in total payments in 2021 and $1.4T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public.

Bank of America

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 4,000 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 55 million verified digital 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.

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Sep. 19, 2022|

Bank of America grant to United Way supports economic mobility in Indian River County

From left to right: David, L. Osgood, Susan Rabinowitz, Meredith Egan, Jeffrey Petersen, and Tammy Matthew

For many years, Bank of America has worked with nonprofits, local organizations, and leaders across public and private sectors in the Treasure Coast to help drive economic mobility for vulnerable populations. Bank of America continues this support with a $7,500 grant to United Way of Indian River County.

Through the bank’s partnership, the grant will be used to support 36 partner agencies and 45 programs that create long-lasting change in the local community. As a part of a continuing effort to advance the common good, United Way focuses on the building blocks for a quality life – health, education, and financial stability.

“We are so thankful for Bank of America’s partnership and commitment toward our financial stability impact area!” said Meredith Egan, Chief Executive Officer. “As these collaborations with key community stakeholders, like Bank of America, continue to grow, United Way can help more working families and individuals improve their financial literacy and stability.”

This grant is aligned with the bank’s broader efforts to advance economic opportunity and equity through health, jobs and reskilling, affordable housing, and small business. As part of those efforts, the bank has granted a total of $150,000 to 14 Treasure Coast nonprofits so far this year.

“Investing in this partnership is part of our approach to driving economic opportunity and social progress in Indian River County,” said Susan Rabinowitz, president, Bank of America Treasure Coast. “This grant is just one way we are deploying resources locally to help remove barriers to economic success and build a more sustainable community.”

In addition to its grant funding, Bank of America’s 243 Treasure Coast teammates pitch in roughly 2,900 volunteer hours yearly. With the constantly changing landscape, charitable grants and fundraising are critical to support the important work of our nonprofit partners.

United Way

About United Way of Indian River County

United Way of Indian River County (UWIRC) is a 501(c)(3) non-profit organization that fights for the health, education, and financial stability of every community member. United Way works with local programs to provide resources to individuals and families in crisis today while working year-round to improve community conditions and create lasting solutions. We are effectively building a strong foundation and improving lives by mobilizing the caring power of our community. For more information about your local United Way, please call (772) 567-8900 or visit our website, UnitedWayIRC.org.

Aug. 22, 2022|

Marine Bank opens full-service banking center in Fort Pierce

Bill Penney - President & CEO, Marine Bank

Marine Bank has announced that it has opened a full-service banking center in the Seaway Plaza at 604 N. US Highway 1, Suite 604, in Fort Pierce. Known as the former home of the Padrick Chevrolet dealership in the 50s, the new banking center is on the southeast corner of US Highway 1 and Seaway Drive. The revitalization of the plaza coincides with many new projects that are planned or already underway in Downtown Fort Pierce.

The banking center will be managed by vice president and banking center manager Melissa Montanez. With more than 20 years of banking experience including 15 years in branch management, Montanez is tasked with introducing Marine Bank’s signature service to an even greater number of businesses and residents of St. Lucie County. Marine Bank has been operating a residential and commercial lending office at 240 NW Peacock Boulevard, Unit 302 in St. Lucie West since July of 2021.

“We’re excited to fill a void for community banking in the Fort Pierce area,” said Bill Penney, president and CEO of Marine Bank. “We offer banking like you remember. You can call the branch and get a human. You don’t need an appointment to stop by a banking center to open an account or apply for a loan, and our friendly, knowledgeable team returns emails and phone calls. Plus we offer high-tech conveniences such as mobile banking with mobile check deposit, a mobile mortgage app, and user-friendly online banking. Marine Bank provides the best of both worlds.”

About Marine Bank & Trust

Marine Bank was chartered in 1997 and has $593 million in assets as of March 31, 2022, with five full-service branches in Vero Beach, Sebastian, Melbourne, and Fort Pierce plus a commercial and residential lending office in Port St. Lucie. As the only community bank headquartered in Indian River County, the Bank’s growth aligns with the national trend of customers choosing to bank local. Marine Bank has earned the coveted 4-Star Excellent rating from Bauer Financial, the nation’s premier bank rating firm. The bank has been named among the top extraordinary banks in the United States by The Institute for Extraordinary Banking for its commitment to strong community banking. The Bank is an active community supporter providing over $200,000 to more than 125 local non-profit organizations in the market over the last five years. For more information, visit the website at www.marinebank.bank.

Jul. 11, 2022|

Bank of America study finds younger women taking greater control of their finances

48% of women are confident about their finances, though only 28% feel empowered to act; Top financial regret is not saving and investing sooner in life

Bank of America announced findings from a new body of research on women and financial wellness, which finds that 94% of women believe they will be personally responsible for their finances at some point in their adult life. Despite this, about half of women (48%) feel confident about their finances and only 28% feel empowered to take action.

The study, which has been published in a new report titled Women, Money, Confidence: A Lifelong Relationship, gauged how women rate their financial health, with a majority of women reporting they are doing well managing their day-to-day finances, like paying their bills every month (70%) and following a budget (53%), however they are struggling with longer term actions like paying down debt (44%), saving for emergencies (44%), saving for retirement (36%) and building wealth (27%). One-in-five women (21%) acknowledge that it is time to make a change to their finances.

“True financial freedom requires both short-term and long-term planning, and the confidence to take action,” said Lorna Sabbia, Head of Retirement & Personal Wealth Solutions at Bank of America. “It is imperative that we give women the tools and resources to take charge of their financial futures, and to close the gaps between confidence, empowerment and action.”

This new study continues Bank of America and Merrill’s extensive research efforts exploring women’s unique life journeys and how various factors impact their financial well-being. The report is based on a nationwide survey of more than 3,500 women and 1,200 men; and examines the progress women are making on their financial journeys and where they might need additional guidance and support.

Investing is a key barrier and top regret

Women are confident managing everyday financial tasks such as paying bills (92%) and managing a budget (87%), yet only half are confident managing investments (53%) and creating a diversified portfolio (44%).

While women and men have nearly equal influence on day-to-day financial decisions, such as paying bills (68% of women vs. 67% of men) and determining the household budget (63% vs. 63%), less than half of women feel they have influence when it comes to decisions on investments (46% vs. 64%). The top obstacles women say are holding them back from investing include not having savings to invest (38%), lack of knowledge (32%) and believing investing is too risky (22%).

When asked about their financial regrets, nearly half of women (44%) pointed to not saving and investing sooner. Women also say they would have invested more of their money (26%), educated themselves more around money (23%), not taken on as much credit card debt (21%), chosen a career with higher pay (19%), lived within their means (18%) and taken better care of their health (14%).

Other key findings include:

Younger women paving the way for open financial conversations. Younger women (ages 22-39) are more comfortable having financial conversations than their older counterparts (ages 65+), including talking with financial advisors (73% vs. 64%), applying for new or better positions at work (74% vs. 42%), discussing new investment opportunities (65% vs. 44%) and asking for a raise (59% vs. 38%).
Being debt free seen as the top indicator of financial independence. 47% of women listed being debt-free as the hallmark of financial independence. Other top indicators included being able to weather an unexpected expense (39%), being able to support myself without financial help from my family (34%) and being able to support my family (32%). Paying off debt also topped the list of barriers to improving financial wellness (36%), followed by high cost of living (34%) and not being paid enough (31%).
Women’s confidence levels vary for financial events during different life stages. A majority of women are confident about paying for future healthcare costs (56%) and staying comfortable in retirement (54%), but confidence levels drop as it pertains to buying a home (40%), funding children’s or grandkids’ education (38%) and taking care of aging parents (32%).
Financial planning varies by groups. While 82% of women have a financial plan, only 30% focused on plans of 10 years or more. Caucasian and Asian-American women are more likely to have long-term plans (35% and 37%, respectively) than Black (20%) or Hispanic (20%) women. Women who identify as LGBTQ+ are also less likely to have a long-term plan (21%).
Saving for retirement is top of mind, yet many don’t have an actionable plan. Saving for retirement topped the list of short-term (49%) and long-term (54%) goals, yet one-in-five women approaching retirement do not have a financial plan. In addition, 57% have not figured out how much to save for a comfortable retirement and 40% are not confident about staying comfortable in retirement.
Older women turn to Social Security to fund retirement, younger women plan to lean on savings. 90% of women 65+ plan to rely on Social Security in retirement (vs. 49% of women ages 22-39). Younger women ages 22-39 are more likely to plan on using personal savings (63%, vs. 53% of women 65+).
Women in the workforce face unique concerns, prioritizing salary increases over time off. About half (49%) of women left the workforce at some point, with the primary reason being caregiving (58%). While 36% returned to a lower-paying job, a majority of women (77%) do not regret their decision to spend time away from their career, and 71% say returning to their job was rewarding. In addition, when asked if they would prefer higher pay or additional time off, 61% said they would prefer a pay increase.
Women continue to look for reliable sources of advice to help them on their financial journeys. Though 35% say “a go-to trustworthy source for advice” would help make managing their finances easier and 44% see a financial advisor as a key financial resource, 55% have never worked with one. In addition, though reliance on financial advisors increased only slightly with age (41% of women ages 22-39 vs. 47% of women ages 65+), it increased significantly by income level (35% of women with less than $50k in income vs. 61% of women with more than $250k in income).

“At Bank of America, we’re committed to helping all women navigate the nuances of their financial journeys by providing the foundational education, professional advice and resources needed to build their confidence and take action to achieve financial security,” said Sabbia.

Bank of America’s Retirement & Personal Wealth Solutions organization serves more than 25,000 companies of all sizes and more than 5.8 million employees as of December 31, 2021¹. Bank of America offers institutional client employees a range of financial benefit programs to help them pursue their financial future, including our Financial Life Benefits® program. Financial Life Benefits offers a suite of workplace benefits and solutions designed to help meet the near- and long-term financial needs of employees. This complete offering brings together traditional financial benefits – including retirement plans ², health savings ², equity compensation ² and non-qualified deferred compensation plans² – with a range of banking and lending capabilities from Bank of America and investing capabilities from Merrill to help address employees’ financial needs more comprehensively.

Women, Money, Confidence: A Lifelong Relationship Methodology

Ipsos conducted a 21-minute online survey among a representative sample of more than 3,500 women and more than 1,200 men age 22+ in February 2022. Quotas were enforced to ensure results were representative within gender by age, race, income and assets, marital status, employment status, and education. Survey content was developed by Ipsos in consultation with the Bank of America team.

Bank of America

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 4,100 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 54 million verified digital 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

Jun. 23, 2022|

Bank of America accelerates U.S. minimum hourly wage to $22 as next step to $25 by 2025

Yearly minimum rate of pay for full-time employees will increase to more than $45,000

Bank of America announced it has raised its U.S. minimum hourly wage to $22 as a next step in the company’s plans to increase to $25 by 2025.

This builds on the company’s history of being a national leader in establishing a minimum rate of pay for its U.S. hourly employees. In the last five years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17; in 2020, to $20 — and in October 2021, to $21. The company’s increase to paying $22 per hour, effective end of June, will increase annualized salary for full-time employees to more than $45,000.

“Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success,” said Sheri Bronstein, chief human resources officer at Bank of America. “We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent.”

Bank of America’s efforts have been recognized by a number of external organizations including LinkedIn’s “Top Companies in the U.S.” and Fortune’s “100 Best Companies to Work For” list for four consecutive years.

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About Bank of America

At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).

For more Bank of America news, including dividend announcements and other important information, register for news email alerts.

May. 26, 2022|

Bank of America Names Susan Rabinowitz President of Treasure Coast

Bank of America has named Susan Rabinowitz as president of Bank of America Treasure Coast. Rabinowitz succeeds Doug Sherman, who has led the market the past nine years and announced his decision to retire from the company last month.

As president, Rabinowitz will be responsible for connecting the banking and investment resources offered through the bank’s eight lines of business to people and companies across the Treasure Coast. She will also lead the effort to deploy Bank of America’s resources to address social concerns, strengthen economic opportunity, and build strong communities, as well as support the health, safety, and engagement of local employees.

“With more than 25 years' experience in the financial services industry, Susan has held various leadership positions and established deep relationships with teammates, clients, and the community,” said Brian Moynihan, Bank of America chairman and CEO. “Susan is perfectly positioned to build upon the accomplishments that Doug has made with Bank of America. I thank Doug for his leadership and wish him the very best in his future endeavors.”

Susan has worked with Business Banking, Commercial Banking, and Commercial Real Estate clients and managed sales and credit teams. She’s rejoining the Business Banking Southeast leadership team from Global Risk, where she most recently served as Commercial Credit Risk executive. In addition, she’s an advocate for equality and inclusion, an LGBTQ+ Ally, member of the bank’s employee network for leadership development of women, a financial literacy champion, and has mentored several women-owned businesses through the Vital Voices Global Ambassador program.positioned to build upon the accomplishments that Doug has made with Bank of America. I thank Doug for his leadership and wish him the very best in his future endeavors.”

Active in the community, Susan is focused on addressing food insecurity as a board member of the Palm Beach County Food Bank and served as a past president and board member of the Literacy Coalition of Palm Beach County.

Bank of America

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 more than 54 million verified digital 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.

Apr. 4, 2022|

Marine Bank & Trust Hires Melissa Montanez as Vice President, Banking Center Manager Fort Pierce

Marine Bank and Trust has announced that Melissa Montanez has joined the Bank as Vice President, Banking Center Manager of its forthcoming full-service Fort Pierce location. Located at 604 Seaway Plaza at the southeast corner of US Highway 1 and Seaway Drive, the banking center is expected to open in early summer of this year.

With more than 20 years of banking experience including 15 years in branch management, Montanez is responsible for facilitating the Bank’s further expansion into St. Lucie County. The Bank opened a residential and commercial lending office in Port St. Lucie in July of 2021 to meet the growing demand for residential mortgages and commercial capital.

“Melissa has a reputation for exceeding customer expectations and keeping her team focused and engaged,” said Bill Penney, President and CEO of Marine Bank. “As we celebrate our 25^th anniversary this year, we recognize that providing an exceptional customer experience and promoting a positive workplace is a fool-proof recipe for success. We are confident that it won’t take long for Melissa and the Fort Pierce team to be a trusted resource for Treasure Coast residents and businesses.”

About Marine Bank & Trust
Marine Bank was chartered in 1997 and has $547 million in assets as of December 31, 2021, with four full-service branches in Vero Beach, Sebastian, and Melbourne, and a commercial and residential lending office in Port St. Lucie. As the only community bank headquartered in Indian River County, the Bank’s growth aligns with the national trend of customers choosing to bank local. Marine Bank has earned the coveted 4-Star Excellent rating from Bauer Financial, the nation’s premier bank rating firm. The bank has been named among the top extraordinary banks in the United States by The Institute for Extraordinary Banking for its commitment to strong community banking. The Bank is an active community supporter providing over $200,000 to more than 125 local non-profit organizations in the market over the last five years. For more information, visit the website at www.marinebank.bank.

Apr. 4, 2022|

Bank of America offers digital resources to help Entrepreneurs start and grow their Businesses

New secured credit options, including a credit card and credit line, and the Start a Business Center digital experience demonstrate ongoing commitment to helping small businesses succeed

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Bank of America announced the launch of the Business Advantage Unlimited Cash Rewards Secured credit card, Business Advantage Secured Credit Line and the Start a Business Center – its latest products and resources for entrepreneurs looking to start a small business or build their business’ credit history.

“Bank of America is committed to providing small business owners with innovative solutions and advice that can help them grow their business and establish long term financial wellness,” said Sharon Miller, president of Small Business and head of Specialty Banking and Lending at Bank of America. “These latest offerings are designed to empower entrepreneurs by providing them with access to resources that will help them to start or strengthen their businesses.”

Business Advantage Unlimited Cash Rewards Secured credit card

As small business owners continue to navigate a challenging business environment, the Business Advantage Unlimited Cash Rewards Secured credit card provides a new tool to help them establish, strengthen or rebuild their business credit – all while providing cardholders with the benefits that matter most to their business.

The new credit card is available now and has no annual fee. Benefits include:

Client-determined credit line from $1,000 to $10,000
1.5% cash back on all purchases, with no annual rewards earn cap
Preferred Rewards for Business eligibility, providing access to a wide range of valuable rewards, benefits and savings – all with no fee to join or participate

Secured Business Advantage Credit Line

Additionally, Bank of America will offer a Secured Business Advantage Credit Line for small business owners, scheduled to launch later in 2022.

The credit line includes:

Client-determined credit line from $1,000 to $50,000
Convenient access to funds via online banking, convenience checks and linked Visa card
Annual renewal fee of $150

“Straightforward and convenient access to capital is crucial to ensuring small business owners have the resources they need to succeed,” said Chris Wong, Small Business Products executive at Bank of America. “With the launch of the new Business Advantage Unlimited Cash Rewards Secured Credit Card and Secured Business Advantage Credit Line, Bank of America remains committed to helping our 11 million business owner clients build and strengthen their business credit.”

Start a Business Center Digital Experience

Bank of America has also introduced a new resource to assist clients with starting a new small business. The Start a Business Center digital experience guides existing small business clients and aspiring business owners on exactly how to start and run their new business. It also offers an exclusive discount on business formation for Bank of America clients through Incfile.¹

The digital experience offers resources such as business plan templates, partners for critical services and access to Bank of America Small Business specialists. Clients can utilize tips and considerations on topics such as writing a business plan, business legal structures, marketing strategy and business financing options.

To view our small business resources, download the Bank of America app or visit bankofamerica.com.

Bank of America

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 more than 54 million verified digital 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.

Mar. 28, 2022|

Bank of America is First Financial Institution Certified by J.D. Power for Customer Satisfaction

Bank recognized for comprehensive client experience centered around financial wellness

BOA Logo Bank of America is the first financial institution to be certified by J.D. Power for financial health support, according to the J.D. Power Financial Health Support Certification Program. Bank of America is committed to helping clients make better financial decisions.

The J.D. Power Financial Health Support Certification Program, developed in collaboration with Financial Health Network, a leading authority on financial health, focuses on measuring and understanding customer experiences through the lens of financial health. Drawing on data and insights collected as part of the J.D. Power Financial Health and Advice Program, the J.D. Power Financial Health Support Certification recognized Bank of America for outstanding levels of customer satisfaction with financial health support offerings.

“At Bank of America, we have centered our entire client experience around the goal of financial health. We listen to our clients and respond with the personalized advice and tools they need to achieve financial wellness,” said Holly O’Neill, President of Retail Banking at Bank of America. “This certification recognizes our commitment to supporting financial health using a multifaceted approach. We provide educational resources and financial solutions that help clients build sound financial habits, manage their cashflow and pursue their goals.”

In its analysis, J.D. Power compared 96 best practices among banks, assessing vision, performance, infrastructure, and solutions. They looked at leadership commitment and strategic direction to support customers’ financial health and assessed internal capabilities, collaborative tools, and product development processes that can lead to it.

Bank of America uses a holistic framework for supporting the financial health of its clients, providing advice and guidance to address five key pillars of financial health:

Simplify your finances – seek basic, transparent products and services
Manage your money – access digital tools that help set goals, track spending, and enhance financial security
Leverage experts – tap resources for advice about the right solutions
Build knowledge - obtain credible financial education and resources
Get help when needed - be able to access assistance when significant events occur

In the J.D. Power Financial Health and Advice study, released in June 2021, Bank of America ranked number one nationally for retail banking customer satisfaction with the advice and guidance provided by national and regional banks in the United States.

J.D. Power 2021 Financial Health Support Certification℠ is based on exceeding customer experience benchmarks using client surveys and a best practices verification. For more information, visit jdpower.com/awards.

Bank of America

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.

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at https://tcbusiness.com tcbusiness.com by Indian River Media Group. For more information or to report news email mailto:[email protected] [email protected]

Mar. 7, 2022|

Digital Engagement Soars at Bank of America

Continued increase in client engagement drives records for Zelle transfers, digital deposits, Erica interactions and small business sales

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Bank of America added more than 2 million active digital clients last year, a single-year record, with its total number of verified digital users reaching more than 54 million. The bank’s clients logged in to its digital platforms a record 10.5 billion times in 2021, a year-over-year increase of 15%.

“Now more than ever, consumers and businesses depend on digital, and Bank of America continues to deliver efficient, safe and reliable digital financial solutions,” said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. “Our digital capabilities allow our clients to easily manage every aspect of their financial lives across banking, investing, lending and retirement, with access to advice and guidance from our financial professionals and through our financial centers when they need it.”

As of January 2022, the bank has 16 million active Zelle® users – including small businesses – with clients sending more Zelle transactions than physical checks written in 2021 – 514 million compared to 453 million, respectively. Today, 86% of deposits are made through digital or ATM channels. Small business digital sales are nearly 300% above pre-2020 levels, and digital sales account for nearly 50% of total sales. Erica® engaged with clients for approximately 2.2 million hours in 2021. Clients can’t stop banking and are engaging with the bank’s full suite of capabilities:

A record level of Zelle transactions totaled $231 billion sent and received in 2021, up more than 64% year-over-year. Zelle accounted for 8% of total consumer spending at Bank of America in 2021, demonstrating client demand for fast, easy and safe methods of paying friends and family, shopping digitally and in-store, and paying bills.
Since launching in 2018, 24.6 million Bank of America clients have interacted with Erica®, the most advanced AI-driven virtual financial assistant, a total of 659 million times. In 2021, clients interactions with Erica were nearly twice the total of the previous two and a half years, with 123 million interactions taking place in Q4 2021 alone, a 247% year-over-year increase. Nearly 7 million clients engaged with Erica for the first time, and interactions among wealth management clients increased by 418% year-over-year.
Bank of America Life Plan® conversations in financial centers have led to the creation of more than 1.5 million future appointments to further discuss clients’ life priorities. More than 6 million Bank of America clients have created a Life Plan to set and track their financial goals and better understand and act on steps toward achieving them. Since its launch in October 2020, Life Plan clients have created 2.1 million new deposit accounts, 78,000 new Merrill brokerage accounts and opened 892,000 new card accounts.
Since adding Merrill investment features to the Bank of America app in Q2 2020, Bank of America has seen a 90% increase in the number of clients accessing investment features through mobile. Consumer Investments added 525,000 new funded accounts in 2021, bringing total accounts to 3.3 million. The Consumer Investments group is largely made up of Merrill Edge Self-Directed (MESD) accounts and Merrill Guided Investing (MGI) accounts. Last year, 40% of newly funded MESD and MGI accounts were opened by young investors under the age of 40, a 54% increase from 2019.
More than 85% of Bank of America small business clients are using digital channels. In addition, 75% of the bank’s mid-sized and large corporate clients are relying on digital to manage their companies’ finances. In 2021, these companies approved $384 billion of payments through the CashPro® app, a 119% increase year-over-year, with CashPro app sign-ins up 55%. Most recently, Bank of America launched CashPro Forecasting, a tool that uses AI and machine learning technology to more accurately predict future cash positions across client accounts at Bank of America and other financial institutions.

“Clients expect financial solutions that are timely, relevant and secure,” said Tyrie. “At Bank of America, we will continue to be at the forefront of innovation, leveraging best-in-class technology to support our clients through integrated and individualized capabilities to meet all of their financial needs.”

More information on how Bank of America clients are engaging with digital is available in the bank’s quarterly Trends in Digital fact sheet.

Recent awards and recognition

Bank of America’s digital leadership continues to be recognized throughout the industry, receiving more than 100 accolades in 2021 and already receiving top honors in 2022, most recently a No. 1 ranking from Barlow for small business online and mobile adoption. Bank of America has also been recognized recently as the Best Digital Bank by The Digital Banker in the Retail Banking Innovation Awards, and No. 1 on Keynova’s Online Banking Scorecard for the 26^th consecutive time. Merrill Edge was also recognized as Best Online Stock Broker for Beginners by Bankrate. Additional awards in 2022 and during Q4 2021 include:

Best Mobile Cash Management Software, by Global Finance (2022)
No. 1 Overall for Small Business Banking Digital Functionality, No. 1 Overall for Credit Card Scorecard, No. 1 in Digital Card Sales, Functionality, No. 1 Digital Mortgage and Home Equity Experience, Keynova (2021)
No. 1 Overall for Account Information, No. 1 Overall for Account Servicing, No. 1 Overall for Investor Questionnaires, No. 1 Overall for Fund and Account Transfers, No. 1 Overall for Mobile Alerts and Notifications, by Corporate Insight in the Monitor Awards
Best Digital Initiative for Bank of America Mobile App by Banking Tech Awards
No. 1 in Small Business Checking Digital Service penetration, Mobile Banking penetration and Remote Deposit Capture penetration in the BAI Small Business Benchmarking Study
2021 Best Online Brokers for Stock Trading – Merrill Edge, Bankrate
No. 1 Overall Digital Experience by Forrester Research
Preferred Rewards program awarded Best in Class for Customer Loyalty Team, Customer Focus, Program Strategy and Design, B2B Customer Loyalty by Loyalty360
Outstanding Financial Innovator – 2021 Global by Global Finance
CashPro App named Winner: Mobile Technology Solution in Awards for Innovation & Excellence in Treasury by Treasury Management International, 2021
Digital Innovation Award for Merrill’s Digital Wealth Overview from MMI/Barron’s
Named Most Innovative Private Bank in North America by Global Finance

Download the Bank of America app or visit bankofamerica.com.

Bank of America

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.

Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Bank of America Life Plan is a registered trademark of the Bank of America Corporation.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Feb. 21, 2022|

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