BAC reports $951 billion in consumer deposits, up 0.3% year over year, driven by high-quality, low-interest checking accounts.
Bank of America reported $951 billion in consumer deposits as of March 31, marking a 0.3% year-over-year increase and the fourth consecutive quarter of growth. The bank leads U.S. consumer deposit market share, benefiting from a sticky customer base with high switching costs.
Over half of its deposit balances are in low- or no-interest checking accounts, with 91% of checking customers using them as primary accounts. This low-cost funding mix strengthens its competitive advantage, according to the bank’s CFO.
The deposit franchise remains a key driver of BAC’s financial performance, supporting its $3.5 trillion in total assets and reinforcing its position as a top global financial institution.