Small business card debt has risen: Bank of America
Payments Dive
NOVEMBER 17, 2023
Credit card spending for small businesses has largely been flat relative to last year, but balances have risen, the Bank of America report said.
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Payments Dive
NOVEMBER 17, 2023
Credit card spending for small businesses has largely been flat relative to last year, but balances have risen, the Bank of America report said.
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Payments Dive
APRIL 21, 2022
The bank said all of its plastic credit and debit cards will be made from at least 80% recycled material starting next year. The move is expected to reduce its use of non-recycled plastics by some 235 tons.
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Regulators say Bank of America opened credit card accounts without customers’ consent and misled consumers with respect to rewards for card applications.
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As demand increases for digitally-driven money management solutions, Mastercard has expanded its Digital-First Card Program in North America. Consumers also have fast digital access to card information, including the 16-digit number, CVC2, expiration date and customer service information. and increasingly, also for commerce.”
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With over 25 million mobile bank users on the retail side, Bank of America is shifting attention to ramping the numbers on the commercial side, with the launch of a mobile app for its prepaid commercial cards. Today, Bank of America Merrill Lynch unveiled an app specifically designed for reloadable commercial prepaid cards.
PYMNTS
OCTOBER 14, 2020
Bank of America (BofA) said on Wednesday (Oct. 14) that it is seeing a full restoration of customer spending, along with declines in delinquencies on credit cards, car loans and mortgages, even as the pandemic rages on. Credit Card Spending Rebounding. All told, Bank of America reported Q3 net income of $4.9
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SEPTEMBER 18, 2019
In a civil investigation that recently came to light, the Consumer Financial Protection Bureau (CFPB) is looking into Bank of America as part of a probe that came out of the phony accounts scandal at Wells Fargo. Bank of America, however, has contended that a demand for emails, as well as other records, in March 2019 is unduly burdensome.
PYMNTS
OCTOBER 15, 2020
But bank earnings are showing that loan loss reserves were more conservative than needed (at least for now) and that in some cases, consumer spending and card activity might be emerging from the most recent depths spurred by the pandemic. At least in terms of third-quarter results that gave insight into card spending and charge-offs.
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JUNE 3, 2020
In Latin America, such a company exists in the form of MercadoLibre , a triple-threat regional financial powerhouse based in Argentina. It now operates in 18 countries in Latin America. According to eMarketer, eCommerce made up about 4 percent of the total spent last year in Latin America, due mostly to its cash-heavy economy.
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JULY 22, 2020
has introduced a sustainable credit card to consumers in more than a dozen countries made from recyclable, bio-sourced, chlorine-free, degradable and ocean plastics. The New York-based, multinational financial services (FI) company said six billion cards are produced annually from PVC. Santander plans to issue its cards shortly.
PYMNTS
DECEMBER 14, 2020
When Bank of America Rewards Executive John Sellers glanced at his in-house numbers over the last year, the evidence was plain to see. As of the third quarter he said, Bank of America was reporting 39 million digital users, 30 million of whom are mobile users, and 43 million mobile check deposits were seen during the quarter alone.
CFPB Monitor
JULY 12, 2023
The CFPB and the OCC announced that they have each entered into a consent order with Bank of America, N.A. The CFPB also announced that it has entered into a second consent order with the Bank for alleged violations arising from certain of the Bank’s credit card-related practices. . Continue Reading
Bank Innovation
JANUARY 16, 2018
Just ask Fingerprints Card AB, which teamed up with Visa on a dual-interface biometric payment trial in the U.S. Along with Mountain America Credit Union, the Swedish biometrics company Fingerprints announced yesterday that it would launch a dual-interface […].
PYMNTS
APRIL 10, 2019
Bank of America is making changes to its cash-back small business credit card, reports in NerdWallet said this week. The biggest change to the bank’s Business Advantage Cash Rewards Mastercard small business credit card is a lower cap on bonus rewards. Qualifiers can see their 3 percent cash-back category elevate to 5.25
PYMNTS
JANUARY 20, 2021
The corporate card industry continues to dig its heels into adoption efforts with the launch of new products and features designed to elevate the value of the card beyond a mere means of payment. Employees Lack Access To Corporate Cards. WEX Links MYOB Users To Card Payments. Plastiq Loops Into QuickBooks.
PYMNTS
DECEMBER 10, 2020
Bank of America customers are spending more across all accounts than they did last year, but more stimulus is needed to support small businesses and people who are unemployed, according to CEO Brian Moynihan. When you look at what they’re spending year-to-date, they’ve spent more in 2020 than they did in 2019, and that is now across $2.7
PYMNTS
NOVEMBER 10, 2016
Bank of America is facing a lawsuit in Arizona from prisoners who contend they are being forced to become customers of the bank because they are given a BoA debit card that also has high and unusual fees. “The fees are based on a debit card contract that they never agreed to and never signed.”
PYMNTS
SEPTEMBER 25, 2020
Gift card giant Blackhawk Network this week announced it is selling charity-branded gift cards that will trigger contributions to those charities when loaded. Recipients of what are being called “Giving Good” cards will be able to use them at any of a number of retail and dining locations.
PYMNTS
AUGUST 10, 2017
Bank of America is getting into the high end rewards credit card battle, rolling out the Bank of America Premium Rewards credit card in September. There will be no cap on the amount of reward points a credit card user can earn, which is a similar practice at both JPMorgan and Citigroup.
Bank Innovation
SEPTEMBER 13, 2018
Only months after launching a digital prepaid card for its corporate customers, Bank of America Merrill Lynch continues to expand its digital offerings for its corporate clients. As of today, corporate cardholders in the U.S. can now use BofA Merrill Lynch mobile wallet on Apple Pay, Google Pay, and Samsung Pay.
PYMNTS
JUNE 18, 2020
The advance of digital payments in Latin America over the last two decades has been slow when measured against other parts of the globe. Critical to bringing digital payments into Latin America in general, and into WhatsApp in specific, is they must be secured via tokenization. ” Latin America’s Digital Path Forward.
PYMNTS
JULY 3, 2020
We have deep dives on open banking adoption, subscription features, and news that Wirecard North America Inc. Wirecard North America Business Entity Up For Sale. Wirecard North America Inc., Consumers Sour On Travel Rewards Cards. The cards had perks such as points on airfare and sign-up bonuses. is up for sale.
BankInovation
JUNE 24, 2021
Digital card payment platform provider Moca announced Tuesday a $3 million series B funding round that will allow the platform to expand its foothold in Latin America and the Caribbean. The end-to-end solution is both a gateway to Visa and the card management system — functions that are typically handled by different vendors.
PYMNTS
OCTOBER 15, 2020
But bank earnings are showing that loan loss reserves were more conservative than needed (at least for now) and that in some cases, consumer spending and card activity might be emerging from the most recent depths spurred by the pandemic. At least in terms of third-quarter results that gave insight into card spending and charge-offs.
Bank Innovation
OCTOBER 15, 2019
To Citibank, the world’s largest credit card issuer, cards are driving revenue and deeper relationships with the brand. On Tuesday, the bank reported that, in North America, revenue from branded cards grew 11% to $2.3
PYMNTS
MAY 18, 2020
Bank of America has lowered its rating of Square Inc. The extent of SMB churn is hard to quantify, and likely won’t be known for perhaps another six months, but we note that 75 percent of Square’s payment volume comes from merchants with less $500,000 in annual card volumes,” he said.
PYMNTS
NOVEMBER 23, 2020
Spanish financial firm BBVA has created a Global Commercial Cards product that lets firms have more control over the utilization of business cards by staffers. The new offering is designed to assist business customers in streamlining and optimizing costs paid through the bank’s commercial cards, according to a Monday (Nov.
Bank Innovation
DECEMBER 8, 2017
EXCLUSIVE – Bank of America has rolled out a series of features and upgrades to its mobile banking app including a timely partnership for the holiday season with Blackhawk Network Holdings’ gift card marketplace Gift Card Mall.
PYMNTS
JULY 17, 2019
Zelle P2P payments increased 79 percent year-over-year (YoY) in the second quarter of 2019, Bank of America said Wednesday (July 17), signaling the latest burst of growth for that payment method. In its Q2 2019 financial release , Bank of America also gave updates on its mobile and digital efforts. In all, Bank of America now has 37.3
PYMNTS
FEBRUARY 2, 2018
bank is banning customers from purchasing cryptocurrencies using its credit cards, according to Bloomberg reports. Bank of America (BofA) officially announced it “will begin declining credit card transactions with known cryptocurrency exchanges” today through a memo distributed to employees on Thursday (Feb.
PYMNTS
JULY 16, 2020
Bank of America reported Thursday (July 16) that that the number of customers using the firm’s mobile and digital platforms grew during the second quarter even as the pandemic raged. Bank of America also reported that sales and trading revenue rose 35 percent to $4.4 consumer cards, down from $161.5 consumer cards vs. $93.6
PYMNTS
SEPTEMBER 28, 2016
Corporate payments firm WEX is pushing virtual card technology within Latin America and has announced a new partner to help the cause. Argo will integrate WEX’s virtual card number (VCN) technology as an additional payment option for its corporate and travel agency clients.
PYMNTS
JANUARY 27, 2021
In " A Look Forward: What Executives Wish for America and the World in 2021 ," Nat Salvione, chief commercial officer of Tango Card , discusses the innovations that have emerged since the pandemic: specifically, the use of pay-ahead apps and remote team engagement. For an introvert like me there was always a moment of anxiety.
CFPB Monitor
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Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule.
PYMNTS
OCTOBER 16, 2019
Zelle P2P payments increased 76 percent year-over-year (YoY) in the third quarter of 2019, Bank of America said on Wednesday (Oct. In its Q3 financial release , Bank of America also gave updates on its mobile and digital efforts. In all, Bank of America now has 38 million active digital banking users, along with 28.7
PYMNTS
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And so a tech giant gets into the credit card game. And not just any tech giant – it’s Apple, the company whose payment services were touted (by at least some) as a credit card killer. News came Monday (March 25) that Apple – specifically, through its payments service Apple Pay – has launched the Apple Card.
PYMNTS
DECEMBER 4, 2019
Visa and banking-as-a-service platform NovoPayment are expanding their strategic partnership to advance the deployment of digital solutions in Latin America and the Caribbean, Visa said in a press release on Tuesday (Dec. Visa has also made a strategic investment in NovoPayment.
PYMNTS
SEPTEMBER 13, 2018
Bank of America is adding mobile wallet functionality to its suite of commercial card products, the bank said Wednesday (Sept. Support for a range of mobile wallets adds to Bank of America’s existing mobile corporate payment service capabilities, the FI noted. Last year, U.S.
PYMNTS
JUNE 24, 2020
plans to offer a Samsung Pay Card that will give customers “a simple and flexible way to control their money,” the company said in a Wednesday (June 24) press release. Noting the partnership with Curve “is the first of its kind in Europe for Samsung Pay,” the firm said the Samsung Pay Card will launch in the U.K. later this year. “We
PYMNTS
MAY 8, 2020
Samsung Pay is launching a physical debit card and this summer will introduce a money management tool in partnership with SoFi. It was also the first platform to introduce a cashback service for online shopping and recently added support for Swipe’s cryptocurrency Visa cards. has seen slow adoption compared to other regions.
Bank Innovation
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EXCLUSIVE – Bank of America seeks electronification of cash not only as way to better serve its banking customers but also as an excellent way to reduce costs: according to Bank of America CEO Brian Moynihan, this digitization of cash can save the bank billions of dollars.
The Paypers
AUGUST 24, 2023
Cryptocurrency exchange Binance has decided to suspend its crypto debit card services in Latin America and the Middle East.
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