Welcome to the News View for "Bank of America".
Here, on one page, you'll find all of the articles on Payments News for Bank of America listed in date sequence beginning with the most recent article at the top of the page.
Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.
In an article titled "The College Credit-Card Hustle", Jessica Silver-Greenberg and Ben Elgin write for Business Week about how universities and alumni associations "are selling students' personal information to big credit-card companies eager for young customers."
On his NetBanker blog, Jim Bruene writes about today's Apple iPhone 3 G launch - and that only Bank of America and PayPal have iPhone applications available for downloading from Apple's new App Store. Apple has made it easy for third-party developers to write and distribute new applications for the iPhone via the App Store. The App Store has a separate category for Finance-related applications for the new iPhone 3G.
Separately, comScore M:Metrics reports that iPhone users surpass all others in terms of their mobile media usage.
mFoundry has announced that Banc of America Strategic Investments Corp. has completed a strategic investment in the company. Bank of America complements mFoundry’s existing strategic investors Motorola, PayPal, and NCR, and venture backers GRP Partners, Ignition Partners and Apax Partners. » Continue Reading
Virgin Atlantic Airways has launched a new rewards credit card, the Virgin Atlantic American Express Card issued by Bank of America which earns 3 miles for every $1 spent on Virgin Atlantic purchases and also offers "the opportunity to redeem points for exclusive rewards such as a trip into space." » Continue Reading
Bank of America has announced that it has surpassed one million unique active mobile banking customers. "Mobile Banking allows customers to check balances, pay bills, transfer funds, view posted and pending transactions and even locate banking centers and ATMs, accompanied by maps and directions. The service was introduced nationwide in May 2007 as part of Bank of America's suite of Online Banking services. Nearly 25 million consumers bank online with Bank of America." » Continue Reading
Yodlee has announced that Bank of America is the lead investor in Yodlee’s recent $35 million financing. Existing Yodlee investors, including Warburg Pincus, Accel Partners and Institutional Venture Partners also participated in the financing. » Continue Reading
Maria Aspan reports for the American Banker (subs. reqd) that L.L. Bean has posted on its web site that it will be terminating its current relationship with Bank of America, issuer of the L.L. Bean Visa card, effective at the end of June. On its web site, the retailer says it will be providing information about a new L.L. Bean Visa card in the coming weeks.
Wells Fargo and Bank of America have announced the formation of a joint venture to operate a single, combined automated clearinghouse (ACH) platform for both companies and their clients. The new entity, called Pariter Solutions LLC, will be the country's largest processor of ACH payments. » Continue Reading
Over on his Netbanker blog, Jim Breuene takes a look at the uptake of mobile banking in the US based upon Bank of America's latest quarterly report.
Launched two and a half years ago, Bank of America's Keep the Change savings program has helped its customers save more than one billion dollars in customer round-ups and bank-matching funds, the bank announced today. » Continue Reading
Asiana Airlines, Bank of America, and American Express have announced the launch of the new Asiana American Express Card from Bank of America. The card provides two miles per dollar on everyday purchases and access to members-only golf courses in Korea and throughout the Asia Pacific region. » Continue Reading
Bank of America has reported financial results for the first quarter. Included in the earnings press release were a couple of interesting data points:
Update: On the earnings report conference call this morning, BofA CEO Kenneth D. Lewis said that “the current environment is the most challenging I have dealt with.”
In a press release, Orbiscom has announced that 'millions of consumers are taking control over risks from identity theft and online fraud with a free security service from Orbiscom. The service is available from credit card and online payment issuers and generates disposable numbers linked to a real account that can only be used within constraints specified by the card holder. As a result, merchants and unauthorized persons are prevented from seeing direct financial details in transactions that do not require the physical card, like online or by phone.' » Continue Reading
Bank of America has announced the launch of the Bank of America Visa Supply Shelf card, 'a prepaid debit card that allows teachers to make quick, hassle-free purchases of classroom supplies. The card, ranging in value from $25 to $750, can be used at designated school supply merchants, either in their stores or from their websites.' » Continue Reading
Thomas Hawk blogs about using his bank's (Bank of America) ATMs: 'How come every single time I do an ATM transaction every ATM machine asks me what language I want? I want English. Why can't I set English as my default and never have an ATM ask me this question again?'
The MIT Media Laboratory and Bank of America have announced 'the creation of the Center for Future Banking, a five-year collaboration to which Bank of America has committed $3-5 million annually. The new research center, which will be located at the Media Lab on the MIT campus, will serve as an innovation engine that will seek to transform the ways banking will be conducted in a world of rapidly changing social, economic, and information landscapes.' » Continue Reading
Bank of America has announced the availability of MLB banking - described as 'an exclusive new suite of personal banking products for fans of all 30 Major League Baseball Clubs. MLB banking is the only nationwide portfolio of Club-specific checks, MasterCard check cards and credit cards that are complemented by special rewards for fans of America's National Pastime.' » Continue Reading
In an article titled 'A Credit Card You Want to Toss', Business Week's Robert Berner writes about Bank of America's recent notifications to some of its credit cardholders that the interest rates on their revolving balances were going up - 'based on no apparent deterioration in their credit scores at all.'
Barlow Research has announced that Bank of America, SunTrust and Wells Fargo are winners of Barlow's Monarch Innovation Awards for their innovative products, features and service enhancements. Bank of America won the Overall Most Innovative award for its Easy Online Payroll and the Most Innovative Customer Service Enhancement award for its Online Text Chat Service. SunTrust won the Innovative Feature Award for its Fraud Inspector solution. Wells Fargo won the Most Innovative Product award for its Wells Fargo Merchant Checking account. » Continue Reading
iPhoneMatters.com shows Bank of America's new mobile banking application designed to take full advantage of the Apple iPhone's Mobile Safari web browser. A commenter complains, however, that it's only the first page that looks so good on the iPhone - saying "once you click thru, it’s the same old mobile banking site."
American Express has announced an agreement with Bank of America "to offer American Express Gift Cards at participating Bank of America retail banking centers, significantly increasing customer reach for American Express Gift Cards." » Continue Reading
Bank of America has announced that it has teamed with the organization Brighter Planet to "offer a credit card that helps customers reduce their contribution to climate change and invest in the development of clean, renewable energy projects." » Continue Reading
The mobile banking race is on. Bank of America has announced that, six months after rolling out its Mobile Banking service to consumers nationwide, it has reached a record 500,000 active mobile customers. The bank says that "according to a recent TowerGroup report, that's more than all other U.S. banks combined." » Continue Reading
Bank of America has announced the launch of a new "Bank the Way you Live" online banking microsite. The bank says it enables "customers with on-the- go lifestyles can learn how to break free of conventional banking and find the freedom and control to manage their personal finances online or via mobile or smart phone, courtesy of the number one online bank." » Continue Reading
Bank of America has announced that the national restaurant chain Chick-fil-A is piloting a "revolutionary Bank of America technology that will automate and simplify cash handling for retailers and give them faster access to funds." » Continue Reading
Bank of America has announced the re-launch of the BankAmericard. According to the bank, "the original BankAmericard credit card, the first nationally accepted bank credit card, changed the landscape of financial opportunity and convenience for consumers. Today's BankAmericard Rewards Visa card builds on that heritage of innovation, offering one of the industry's richest and most flexible rewards programs with no annual fee." » Continue Reading
Bank of America has announced a new security feature for its online banking service called SafePass™ that the bank says "provides customers with an extra layer of protection against unauthorized transactions." According to the bank, "SafePass delivers a one-time-use six digit code as a text message to consumers' mobile devices that they can use to authorize their most sensitive online transactions. As an additional security measure, the code expires as soon as it is used or within 10 minutes after it is issued." » Continue Reading
Valerie Bauerlein writes a page 1 story for the Wall St. Journal about Bank of America and its CEO Ken Lewis. She writes about last week's investment of $2 billion by Bank of America in Countrywide Financial saying that investment "helped stabilize the credit markets and gave Bank of America a foothold in the nation's biggest mortgage lender."
Ryan Kim writes for the San Francisco Chronicle's business section about mobile banking - "Wells Fargo is the latest bank to add mobile service, following Citibank, Bank of America, Wachovia and SunTrust, all of which started similar services in the past few months. Most of the country's top 20 banks are either offering the service or trying it out."
Bank of America reported second quarter financial results this morning. Included in the results was a statistic about its Keep the Change debit card savings/reward program: "Keep the Change(TM) passed the 5 million mark of customers who have saved more than $500 million since the inception of this innovative program." Even pennies, nickels and dimes add up over time! Keep the Change is an optional free service announced in October 2005 that allows customers to have the bank round up purchase amounts to the nearest whole dollar - putting the difference into a savings account. The bank provides an annual 5% match.
Liz Moyer writes for Forbes.com about so-called elite credit cards - including Bank of America's new Accolades American Express card. She points out that "Amex Black (Centurion) carries an annual fee of $2,500 and a minimum annual purchase threshold of $250,000."
Microsoft has announced it is joining with MasterCard Worldwide, FedEx Corporate Services and Bank of America Corp. to provide a comprehensive tool for entrepreneurs to start and grow their businesses. Microsoft said that enhancements will be made to financial management, payroll solutions and shipping to Microsoft Startup Center, a free online guide that provides step-by-step advice and resources that small-business owners need when they start their business. » Continue Reading
In an address titled "A Golden Opportunity to Make Some Green", Bank of America Chairman and CEO Kenneth D. Lewis will be addressing the Commonwealth Club of California this Thursday evening in San Francisco.
Bank of America has introduced the Bank of America Accolades American Express card, calling it "the first premium credit card designed exclusively for Bank of America's affluent, wealthy and ultra- wealthy clients served through Premier Banking & Investments, The Private Bank of Bank of America and its extension, Family Wealth Advisors." In an article titled 'More Banks Go Black With American Express Cards for Wealthy", Valerie Bauerlein and Robin Sidel report for the Wall St. Journal on BofA's announcement - along with a similar product expected soon from Citigroup. » Continue Reading
Rick Rothacker writes for the Charlotte Observer about Bank of America's efforts to revive its customer satisfaction ratings and to "set a new industry standard."
The US House Financial Services Subcommittee on Financial Institutions and Consumer Credit is holding a hearing today on the subject of "Improving Credit Card Consumer Protection: Recent Industry and Regulatory Initiatives". The subcommittee will hear from card issuers, consumer groups, and regulators. Chair Rep. Carolyn Maloney (NY-14) said the hearing "will examine recent industry and regulatory initiatives, including the Federal Reserve’s recent revision of Reg Z, to help identify ways to improve credit protections for consumers." Separately, Consumer Union issued a press release this morning titled "Bank of America's Education Campaign Can't Repair Harm From Excessive Fees" in which it said "Bank of America's new campaign to simplify its disclosures of bank and credit card fees fails to mitigate the burden of excessive penalties imposed on customers."
Bank of America has announced it has launched an effort to "arm customers with integrated tools and resources to stay ahead of their accounts, keep tabs on their balances and better manage their financial lives." The bank has launched an online advertising campaign with the theme "A Little Knowledge Is a Powerful Thing" to help educate consumers about tools available to provide them with more information about their accounts. » Continue Reading
Card Technology reports on comments by Bank of America's John Suchanec regarding the bank's recent trial of contactless mobile phone-based payments - saying the results "failed to inspire".
Bank of America has announced the completion of the rollout of its secure Mobile Banking service -- enabling more than 20 million Online Banking customers to manage their personal finances 'on the go.' Consumers across the country now can use their cell phones and smartphones to check account balances, pay bills and transfer money. » Continue Reading
Lisa Sanders reports for Advertising Age on the move by Anne Saunders from senior VP-global brand strategy and marketing at Starbucks to Bank of America.
Bank of America Corporation has announced a definitive agreement to purchase ABN AMRO North America Holding Company, parent of LaSalle Bank Corporation and its subsidiaries, from ABN AMRO Holding NV. According to the bank, "the combination of LaSalle and Bank of America creates a leading banking franchise in metropolitan Chicago, the No. 3 banking market in the United States, and in Michigan." » Continue Reading
Bank of America says that its solution for NACHA's Back Office Conversion (BOC) rule has been "gaining market interest in the retail industry, fueled by its ease of use, flexibility and low implementation cost." BOC, which came into effect March 16, 2007, allows businesses to collect a check written at the checkout counter and convert it in the back office into an electronic form for deposit. » Continue Reading
Bank of America and China Construction Bank have announced signing a memorandum of understanding to jointly enter into a new credit card collaboration aimed at providing innovative card products for the Chinese market. » Continue Reading
Fiserv has announced it is now exchanging checks with Bank of America through Viewpointe, a provider of check image exchange and archive services in the United States. The agreement enables Bank of America to connect to thousands of endpoints on the Fiserv Clearing Network, while allowing other Fiserv customers to exchange images directly with Bank of America. » Continue Reading
Bankrate.com's Holden Lewis blogs about a recent change Bank of America made to its credit cards fees - imposing a $1.50 per month minimum finance charge. He explains that while the initial notice he received was confusing, the bank clarified that the fee does not apply to transactors - those who pay off the balance in full each month - but to revolvers and sets a minimum finance charge amount for them.
Bank of America has announced that its suite of check transformation tools will allow retailers and other business clients to take full advantage of the new Back Office Conversion rule that took effect on March 16, 2007. The Back Office Conversion (BOC) rule was issued by NACHA to allow businesses to collect a check written at the checkout counter and convert it in the back office into an electronic form. » Continue Reading
Bank of America has announced Emergency Relief Cards - what the bank calls "a suite of prepaid card products that will assist corporations and government entities to prepare for catastrophic events. The special-use cards are designed to be incorporated into contingency plans to enable continuing business operations and to provide relief measures during times of critical need." » Continue Reading
MasterCard's 10-K annual report for 2006 was filed today with the SEC and is available online. Included were various exhibits including updated Bylaws, as well as copies of amended business agreements with HSBC and Bank of America (both redacted to remove confidential financial information).
comScore Networks has released the results of a study analyzing usage of online bill payment services at leading banks - "defined as paying a bill online from a checking, savings, or money market account using the functionality in the bill pay portion of the bank's Web site and where the recipient of the money is not the bank itself. According to the study, among those consumers who had one or more checking, savings, or money market accounts and who used online bank bill pay during the quarter with a leading financial institution Bank of America achieved 65 percent penetration in Q4 2006. Wells Fargo ranked second in penetration of online bill payers, with a level of 18 percent, followed by Chase and Wachovia (each achieved 13 percent penetration)." » Continue Reading
Bank of America is webcasting the second day of its annual investor conference today. Yesterday's webcast is also available for viewing online.
A presentation by Barbara Desoer, Chief Technology & Operations Officer, titled "Payments: The Opportunity" is particularly of interest to payments professionals - she notes that "payments drive more revenue for banks than any other business." Additional presentations from the conference are available online.
Bank of America Chairman and CEO Ken Lewis has published an op-ed titled "Not in the Cards" in this morning's Wall St. Journal explaining more about the bank's pilot program to issue secured credit cards to immigrants in the Los Angeles area. After explaining the bank's rationale for offering the cards - including noting that that pilot is a "new promotion of a secured credit card product that has been available for years", Lewis says that "after a week of listening to our customers, we have made a decision. We will continue our card marketing pilot program in the Los Angeles market."
Bank of America has announced the theme of its new brand positioning: "Bank of Opportunity." The bank said that its new brand positioning is being supported by the its largest advertising campaign to date scheduled to debut during ABC's telecast of the 79th Academy Awards. The bank said its new positioning "reflects Bank of America's unique role in helping individuals, businesses and communities around the world realize opportunities to achieve their goals." » Continue Reading
NetBanker's Jim Bruene reports that Bank of America has begun using its bankofamerica.mobi domain - likely in preparation for its new mobile banking initiative announced last week. Bruene points out that he found a number of banks that had apparently failed to register a .mobi (for "mobile") domain name. Click here to visit www.bankofamerica.mobi.
An editorial in the Spartanburg (SC) Herald-Journal questions whether it's right for banks in the US to be issuing credit cards to illegal immigrants - saying that the "Bank of America has found a segment of the market that isn't currently being exploited by credit cards." The Wall St. Journal reported earlier this week on Bank of America's card issuing efforts for immigrants.
Bank of America has announced that its Online Banking customers "will be able to use their cell phones and smartphones when they're on-the-go to check account balances, pay bills and transfer money with the launch of secure mobile banking." The bank is launching the service in Tennessee beginning in March and will roll mobile banking out to markets across the country through mid-year. » Continue Reading
Miriam Jordan and Valerie Bauerlein report for the Wall Street Journal about Bank of America's immigrant-focused credit card issuing efforts - "open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft," according to Jordan and Bauerlein. The program is currently focused in the Los Angeles area with national rollout planned for later this year. Upfront fees are charged for the credit cards along with higher rates of interest on revolving balances.
Leslie Pappas reports for the Wilmington News Journal that Chase Card Services last year pulled ahead of Bank of America to become the largest US issuer of Visa and Mastercard cards (based upon receivables outstanding) - but Bank of America still remains the largest credit card issuer when the bank's new American Express card portfolio is added in.
Bank of America has announced that it is expanding its program to reimburse $3,000 to associates purchasing a new hybrid vehicle. The program will now be available to more than 185,000 U.S.-based associates. » Continue Reading
Bank of America has announced the launch of Franchise Banking, a "new program designed to support the business growth goals of franchise owners with revenues below $20 million. Building upon the Bank's market leadership with large-scale, restaurant franchise operators, Franchise Banking will serve a wide range of national brand franchise concept owner/operators in the food service and other industry sectors." » Continue Reading
Bank of America has announced that its Online Banking customers now have access to a "full range of money management tools that help them track expenses and income by category, set budget goals and monitor performance against goal for all of their financial accounts." » Continue Reading
In an article titled 'TJX cyberfraud spreads: Bank of America reissuing cards", Boston Herald general economics reporter Jay Fitzgerald provides an update on the effects of the TJX data breach - including that "Bank of America said yesterday it’s reissuing credit cards to customers hit with fraudulent charges tied to the cybertheft of data from TJX Cos."
Bank of America has chosen Giesecke & Devrient (G&D) to provide Over The Air personalization services as part of a trial to test radio frequency contactless payment companion devices. » Continue Reading
Valerie Bauerlein and Damian Palette write for the Wall St. Journal about steps Bank of America is taking in an effort to have the current regulatory cap that limits acquisitions removed. The cap prevents bank acquisitions that would result in a US bank holding more than ten percent of total US bank deposits.
The Charlotte Business journal picks up on the news about a recent MasterCard SEC filing that disclosed it had amended an agreement with Bank of America "to include new pricing arrangements in exchange for transaction volumes related to the issuance of MasterCard-branded debit cards."
MasterCard has filed with the SEC notice that on December 27, 2006 it amended and restated its agreement with Bank of America relating to "certain pricing arrangements for Bank of America’s use of MasterCard’s core authorization, clearing and settlement services and certain supplemental user-pay services in the United States and certain other countries. The Agreement was amended to include new pricing arrangements in exchange for transaction volumes related to the issuance of MasterCard-branded debit cards by Bank of America." Today's notice follows last week's similar announcement from MasterCard regarding HSBC.
Jim Bruene of the Online Banking Report posts on his blog that he's awarding the fifth and final OBR Best of the Web for 2006 award to Bank of America for being the "first major U.S. bank to provide full online personal financial management (PFM) within its online banking service." Powered by Yodlee's full MoneyCenter suite, Bruene reports that Bank of America is displaying the accountholder's Net Worth Summary, Investment Detail, Transactions, Rewards, Email, and Search on its main online banking page following login.
Oberthur Card Systems has announced that Bank of America has chosen it to provide Contactless payment Fobs as part of a trial to test radio frequency contactless payment companion devices. "As contactless cards continue to grow in issuance, Bank of America is testing consumer interest in companion devices for contactless payment, and plans to issue Oberthur Card Systems VersaFOBs with MasterCard PayPass – a first in the U.S. marketplace," the company said in a press release. » Continue Reading
Aite Group has published a new report title "Small-Business Banking: The Value Proposition for Banks to Offer Small-Business EIPP" that "evaluates the size of the EIPP opportunity for U.S. banks and builds a case for banks to offer the service." » Continue Reading
Following on the heels of Bank of America's successful launch of its "Keep the Change" program over a year ago, Lloyds TSB in the UK has announced Save The Change, a savings program starting February 1, 2007 that rounds up purchase amounts to the next pound when Lloyds TSB Visa debit cards are used. Lloyds also says it will be running a matching promotion during February and March: "From 1 February to 31 March 2007 we will match the amount of “change” transferred to your nominated savings account up to a total amount of £50 in February and £50 in March."
The Financial Times reports that yesterday Bank of America passed Citigroup as the world's largest financial services company as measured by market capitalization.
According to a new survey conducted by Braun Research and Bank of America, consumers spend an average of four hours and 35 minutes shopping at retail stores during the holiday season. Nearly one-third (one hour and 22 minutes) of that time is reportedly spent waiting in checkout lines. One way to "lose wait" this year is to shop online. Another way is to bank online. In fact, nine out of ten (88%) Internet bankers surveyed said doing so helps them save time during the holidays. » Continue Reading
Aetna and Bank of America have announced the Aetna Healthy Living credit card for Aetna's medical, dental, pharmacy and behavioral health members. The credit card, to be available later this year to qualifying Aetna members, is a rewards-based credit card that facilitates payment of out-of-pocket medical expenses as well as everyday purchases while promoting healthy living at the same time. The Aetna Healthy Living credit card includes a rewards program based on Bank of America's WorldPoints platform. » Continue Reading
Bank of America has announced the launch of affinity banking - what the bank describes as a "game-changing innovation" saying it "marks the first time in financial services that a bank offers a broad complement of financial services to partner organizations whose members share a strong common interest or passion -- such as their college or university, favorite cause, or professional affiliation. The model was created by the former MBNA organization 25 years ago, however the monoline business was largely focused on credit cards. In addition to credit card, affinity banking will include deposit and home equity products." » Continue Reading
Ann Carrns reports for the Wall St. Journal that nearly 1,100 banks now offer health savings accounts, "more than triple the number at the end of 2005." Carrns also reports that Bank of America is planning to introduce "a new credit card, in partnership with major health plans, that will let holders earn rewards points that convert automatically into cash in their HSAs."
Gawker and Andrew Ross Sorkin's DealBook point to this "must see" video of two Bank of America employees celebrating the combination with MBNA. "One bank, one card, one name that's known all over the world..." » Continue Reading
The Nov/Dec issue of BAI's Banking Strategies is now available online. The cover story, titled Generating Customer Delight Across a National Franchise, is an interview with Liam McGee, president of global consumer and small business banking, discussing how Bank of America Corp. bases its national franchise on delivering a consistent level of service and being responsive to local markets. Also included is an article by Karen Epper Hoffman titled Payments Go Mobile.
Ted Griffith reports for the Wilmington News Journal about Bank of America's plans to conduct a 500 employee test of mobile phones as contactless credit cards.
Bank of America and Caremark Rx have announced the launch of a new Caremark Visa credit card program that offers cardholders a rewards program for making beneficial decisions related to their use of prescription medications, including choosing generic and preferred drugs. » Continue Reading
Binyamin Appelbaum writes for the Charlotte Observer about fees imposed by credit card issuers on purchases made outside the US. Some issuers (Bank of America is the example he cites) are charging 3%. Others, including Capital One, don't surcharge at all.
Ross Kerber reports for the Boston Globe that by tomorrow Bank of America expects to have integrated its credit card processing systems onto the in-house platform that came with the MBNA acquisition.
With the latest round of quarterly financial results, several banks have reported their merchant acquiring business volumes for the third quarter. Of particular interest is the 18% growth experienced by