BofA's Online Banking Gathers Steam

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Like many banks, Bank of America took a hit in this year’s third quarter. But it also had some good news.

Despite a drop in net income to $1.18 billion from $3.7 billion for the quarter a year ago, the Charlotte-based bank showed steady progress in getting its customers to do their banking online. In fact, online bill payments spiked in the third quarter to $83.3 billion, up from $72.9 billion in the second.

See for yourself (click the image for a larger version):

The most recent quarter is up significantly from the $65 billion in online payments BofA reported a year earlier, according to the bank’s recent 8-K filing with the SEC. Bank of America is the nation’s largest user of online services. Using the Web for banking can save a financial institution considerable money in administrative and labor costs. Harried consumers worried about paying bills on time in the financial crunch can do so faster online.

Maybe there’s a silver lining, however small, in this financial crisis.

Tags: test, Bank of America Corp., Bank, Bank Of America Corp., Financial, Online Banking, Quarter, Banking, Financial Accounting, Financial Services, Finance, Peter Galuszka

Peter Galuszka is a Virginia-based journalist with more than three decades of experience, including 15 years at BusinessWeek, during which he was twice Moscow Bureau Chief and International News Editor in New York.