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Bank of America’s card spend is up $18 bn

Bank of America’s card spend is up $18 bn

Bank of America’s card spend is up $18 bn

Bank of America reported a $7.1 billion net profit for the third quarter of 2012. Credit/debit card spending is up $18 billion, or 9%; credit card spending is up 13%, and debit card spending is up 6%. With a 99% yearly retention rate, the number of customers enrolled in preferred rewards has increased by 10% to 10.1 million..

Digital usage of Bank of America has continued to grow. Record 72% of overall households are actively using digital platforms. The bank has record 43.5 million active digital banking users, up 6% or 2.6 million. The bank has recorded 1.9 million digital sales, up 36%, record 3.0 billion digital logins, up 12%. 17.7 million active Zelle users sent and received 255 million transfers worth $77 billion, up 26% and 29% YoY, respectively. Clients booked 923,000 digital appointments.

Merrill Wealth Management added 5,200 net new households in Q3-22, up 23%. About 80% of Merrill households are digitally active across the enterprise – continued growth of advisor/client digital communications; 375,000 households exchanged 1.3 million secure messages. Record 77% households have been enrolled in eDelivery; 268,000 planning reports generated, up 48% from Q3-21. Record 75% of eligible checks deposited through automated channels. Record Erica® interactions were up 35%.

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