Bank of America Mobile Budgeting Tools Help Cardholders Manage Money

Tuesday, January 3rd, 2017

New budgeting tools from Bank of America will aid cardholders in staying on track with their financial goals, giving them better control over their money and offering greater convenience than they previously enjoyed on the Bank of America website and mobile app.

Michelle Moore, Bank of America’s head of digital banking, explained that the new tools would help meet “the unique needs and personal goals of the more than 21 million mobile users we serve.” She said Bank of America is “committed to providing customers the tailored solutions they want to make their financial lives better.”

The enhancements to the Bank of America mobile app and online experience include:

• A spending and budgeting tool that lets customers track their spending. It’s integrated with Better Money Habits, which outlines spending trends and lets users set up budgets based on past behavior.

• A feature called My Balance, which will let users personalize their account home pages and let them turn functionality on or off, so they see the account information they want to see right away when they open the app.

• Deals Near Me, which lets cardholders find BankAmeriDeals near them. These give users up to 15% cash back on specially designated purchases with their Bank of America debit or credit cards. The “All Deals” page is completely updated and redesigned to show folks every deal available to them.

Customers will be able to save, print, or email their Bank of America statement, as well as manage paperless settings, download statements, and access check images immediately after making mobile deposits. This helps alleviate the “did I already deposit this?” anxiety that can happen after making a mobile check deposit.

Cardholders can also better evaluate whether making a balance transfer would help them pay off debt faster; Bank of America offers several balance transfer cards and offers for those who want to transfer a balance and save on interest.

Bank of America’s mobile banking platform has over 21 million active users and is growing every day. Customer engagement and satisfaction are both up: during the third quarter of 2016, mobile users logged into their accounts more than 950 million times. That comes out to about 46 times for every mobile banking customer. The upgrades in technology will only make people more eager to use the mobile app, and growth could continue to skyrocket.

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