CHARLOTTE, N.C. – Bank of America Corp. (NYSE: BAC) reports that more than 1 million customers have adopted its year-old mobile-banking service.
“Mobile Banking provides consumers with the convenience of managing their finances on-the-go, right from their handheld device,” said Lance Drummond, e-commerce and ATM executive for Bank of America. “We see over 100,000 users daily on peak high-usage days.”
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The Web-based service allows customers to check balances, pay bills, transfer funds, view posted and pending transactions or locate banking centers and ATMs. It is accessible through most phones that offer mobile Internet access. (READ MORE)
Cities that have higher mobile-phone usage have a higher rate of mobile-banking adopters, Bank of America said. The top cities, in order, are:
1. Los Angeles
2. Atlanta
3. Washington, D.C.
4. Dallas
5. New York City
6. Houston
7. Phoenix
8. Boston
9. Miami
10. Anaheim, Calif.
Two-thirds of Bank of America’s mobile bankers are younger than 35, while four out of five younger than 45, the bank said.
All mobile service users have used the service to view account balances, Bank of America said. Eight in 10 users review transactions, while four in 10 have transferred funds or paid bills. Frequency of use by active users continues to increase monthly, the bank said, with more than 4 million account sessions in May.
Bank of America (NYSE: BAC) is one of the world’s largest financial institutions, with clients in 175 nations, including 98 percent of the U.S. Fortune 500 and 80 percent of the Fortune Global 500. In the United States alone, it serves more than 56 million consumers and small businesses via more than 5,700 retail offices and 17,000 ATMs. To learn more, visit www.bankofamerica.com.
