NEW YORK—Bank of America said on Monday its customers made $335 billion in total payments in January, a 17 percent increase over January 2021.
Credit and debit card spending was up 16 percent to $65 billion, with credit card spending up 28 percent, the bank said.
The strong spending figures are good signs for the economy and the consumer, a bank executive said in a statement.
“Our clients’ checking and savings deposit balances were also up 15 percent year-over-year,” said Mary Hines Droesch, Head of Consumer and Small Business Products, Bank of America. “These trends bode well for the economy as we move further in 2022.”
