Bank of America CEO Brian Moynihan says consumer spending is 20% higher this year than 2019. Hugh_Son reports.
Transaction volumes on customers' credit and debit cards and over the Zelle payment network have grown by 20% so far in 2021 compared to this point in 2019, Moynihan told CNBC's Becky Quick on "" The comparison excludes 2020, an abnormal year in many respects because the onset of the pandemic led to widespread stay-at-home orders.
Nearly all spending categories have recovered with the exception of travel, which is still as much as 15% lower than in 2019, Moynihan said. Bank of America is the second-biggest U.S. bank by assets afterStimulus checks and bolstered unemployment benefits have pumped up customers' checking accounts, Moynihan said. Accounts with about $1,000 to $2,000 in average balances are "up 6 to 7 times what they were before the pandemic," he said.
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