Bank / Credit Union

BOA CEO: 'US economy starting to recover'

Photo by istock.com

May 29, 2020

Bank of America CEO Brian Moynihan told CNBC’s Squawk Box co-host Becky Quick Thursday that the economy is beginning to recover from the coronavirus pandemic. Moynihan said while bank transactions decreased 30% in April, it May, transactions were only down by 5% to 10%.

"You're starting to see the economy come out of the hole," Moynihan said to Quick. "You’re seeing us come out of the depths of where we were in April, and that’s good news." 

In terms of BOA customers, Moynihan said the government’s stimulus checks and enhanced unemployment benefits helped BOA customers support the economic upturn. BOA customers, according to Moynihan, with balances of $5,000 in their checking accounts had 30% to 40% more money in them [now] than compared to 12 weeks ago.

"The real difference is the amount of stimulus that has gone into the economy," Moynihan said.

As the country begins to reopen, Moynihan says businesses like "... dentists' offices are taking in customers which is good news and will bring back parts of the economy."

For more information on how the ATM industry has been affected by COVID-19, click here.