Bank of America Reaches One Million Active Mobile Banking Customers

Bank of America, the nation's leading provider of Online and Mobile Banking services, today announced that it has surpassed one million unique active Mobile Banking customers. Mobile Banking allows customers to check balances, pay bills, transfer funds, view posted and pending transactions and even locate banking centers and ATMs, accompanied by maps and directions. The service was introduced nationwide in May 2007 as part of Bank of America's suite of Online Banking services. Nearly 25 million consumers bank online with Bank of America.

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"Mobile Banking provides consumers with the convenience of managing their finances on-the-go, right from their handheld device. We see over 100,000 users daily on peak high usage days," said Lance Drummond, e-Commerce and ATM executive for Bank of America. "Consumers have a lot of activities to fit into their every day, but still expect to be connected and in control of their finances 24/7. More than 1 million consumers have found the right solution with Bank of America Mobile Banking."

Mobile Banking Adoption

Nationwide, the innovative service is being widely adopted across the Bank of America footprint. Metro-locales that skew toward high mobile phone usage rank amongst the fastest adopters of Bank of America's mobile banking service:

1. Los Angeles, CA
2. Atlanta, GA
3. Washington DC
4. Dallas, TX
5. New York, NY
6. Houston, TX
7. Phoenix, AZ
8. Boston, MA
9. Miami, FL
10. Anaheim, CA

Over 4 million Mobile Banking Customer Sessions Monthly

Almost all customers use Bank of America's Mobile Banking service to view account balances, eight in ten review transactions, while four in ten use their handhelds to transfer funds or pay bills. Frequency of use by active users continues to increase monthly, with over 4 million account sessions in May 2008 alone.

Notably, two-thirds of Bank of America's mobile bankers are under 35 years old and four out of five are under 45 years old, as Gen Y and X consumers who have embraced mobile web technology are similarly driving mobile banking usage.

Easy to Get Started

The Web-based service is accessible via most phones that have mobile Internet access and requires no downloading of software. To access Mobile Banking, customers simply go to http://www.bofa.mobi/ on their phone's web browser and enter their Online Banking ID and passcode to access their accounts. Apple iPhone, RIM Blackberry and Microsoft Windows Mobile devices are the most popular ones used by mobile banking customers.

Safe and Secure

Bank of America's Mobile banking transactions are safe and secure with SiteKey® security service, as well as the Zero Liability Online Banking Guarantee. To help protect customer information, the bank has developed an end-to-end security feature that encrypts information when sent between the mobile phone and the bank.

For more information on Bank of America's Online and Mobile Banking services, consumers can visit http://www.bankofamerica.com/anywhere .

About Online Banking

Bank of America is a leading provider of online and mobile banking financial services, and its online site, http://www.bankofamerica.com/ , has received widespread recognition. The site is among the top 50 of all U.S.-based Internet properties in terms of unique visitors monthly, and No. 1 among business and finance sites, according to comScore Media Metrix. Nielsen/NetRatings ranks Bank of America as the top online full-service bank destination in terms of audience, page views and active reach on the site. Bank of America has ranked No. 1 in Javelin Strategy & Research's safety scorecard four years in a row. Bank of America won the Webby People's Choice Award in 2006 and 2007 in the online banking/bill pay category. Global Finance magazine named bankofamerica.com the best consumer Internet bank in the world and ranked the bank No. 1 for its bill payment and presentment and online consumer credit sites.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with nearly 25 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

http://www.bankofamerica.com/
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SOURCE: Bank of America