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Bank of America Consumers Boost Spending 8% as Digital Banking Deepens

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Bank of America Consumers Boost Spending 8% as Digital Banking Deepens

Combined credit and debit card spending at Bank of America rose 8% year over year to $265.7 billion in the third quarter.

Digital channels accounted for 71% of consumer sales, up from 66% a year earlier, while Erica active users rose to 24.2 million from 20.4 million.

Bank of America added more than 200,000 net new consumer checking accounts.

Bank of America’s consumers spent more in the third quarter while moving a larger share of their banking activity onto the company’s digital channels, giving the bank growth in transactions and engagement at the same time that its checking account franchise continued to expand.

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Combined consumer credit and debit card purchase volume reached $265.7 billion, up 8% from $245.2 billion a year earlier, according to a Wednesday (Oct. 14) earnings presentation. Transactions, measured year to date, were up 4%.

Bank of America CEO Brian Moynihan said on a conference call with analysts that despite uncertainty in the broader economy, activity among the bank’s customers “continues to point to resilience in a growing United States economy.”

Digital channels accounted for 71% of consumer sales, compared with 66% a year earlier, per the presentation. The bank had 50 million active digital users, up from 49 million, while 80% of consumer households were digitally active. Digital unit sales rose to 2.3 million from 2 million.


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