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American consumers are spending more freely as the economy opens up further, Bank of America CEO Brian Moynihan said Monday.
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
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Stimulus 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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Lots of companies seem to be reporting they are having no issues passing on increased costs to customers.