BofA Enables Customer-to-Customer Transfers

Bank of America is introducing a new feature to its Online Banking, enabling customers to transfer money instantaneously from their personal checking, savings, line of credit, or credit card accounts to other B of A personal deposit account customers. Bank of America executive Sanjay Gupta suggests that parents of college students will find the online transfers to be especially convenient as well as those who need to send money to family or friends within B of A’s coast to coast network. Bank of America serves 33 million consumers in 29 states as well as the District of Columbia. To access the new feature, consumers can register for free Online Banking at the Bank of America Web site (http://www.bankofamerica.com/) and select the “Transfer Funds” option. This service is currently available to customers who have accounts in the Southeast, Southwest, and Midwest. Bank of America has over 11.7 million active Online Banking customers, the most customers in the industry.