|Bank of America Introduces Person-to-Person Money Transfers|
Thursday September 30, 9:01 am ET
New online service lets bank customers transfer money instantly to friends and family coast-to-coast
CHARLOTTE, N.C., Sept. 30 /PRNewswire/ -- Bank of America customers now can transfer money instantaneously to millions of other Bank of America customers with a new feature the bank is introducing to its Online Banking service. The free money transfer feature enables consumers to move money from their personal checking, savings, line of credit or credit card accounts to other Bank of America personal deposit account customers.
"We've been listening to our customers and the ability to transfer money to online customers within the Bank of America family is one of their top requests," said Sanjay Gupta, e-Commerce executive at Bank of America. "Parents with children in college will find this particularly useful, as will others who want a convenient way to send money to friends or family within our coast-to-coast network and have the money instantly available."
A leader in consumer banking, serving 33 million consumer relationships in 29 states and the District of Columbia, Bank of America is one of the first financial institutions to offer this capability. The service demonstrates the strength of the company's nationwide network and its power as one of the nation's leading retailers. For Bank of America customers, the transfer service offers unparalleled convenience coast-to-coast.
Consumers can enroll for free Online Banking at bankofamerica.com . Once they have established a Bank of America account, they can select "Transfer Funds" to access this new feature and add the accounts of those family members and friends to whom they would like to transfer money.
The service is now available to customers with accounts in the Southeast, Southwest and Midwest and will be rolled out to California customers in October. Former Fleet customers will be able to access the service later next year when they are converted to the Bank of America system. Next month, Bank of America also plans to introduce transfers to and from accounts at other financial institutions.
Bank of America has more than 11.7 million active Online Banking customers, the most in the industry. . .