Bank of America Introduces Person-to-Person Money Transfers

The free money transfer feature enables consumers to move money from their personal checking, savings, line of credit or credit card accounts to other Bank of America personal deposit account customers. A leader in consumer banking, serving 33 million consumer relationships in 29 states and the District of Columbia, Bank of America is one of the first financial institutions to offer this capability. The service demonstrates the strength of the companys nationwide network and its power as one of the nations leading retailers. For Bank of America customers, the transfer service offers unparalleled convenience coast-to-coast. Consumers can enroll for free Online Banking at http://www.bankofamerica.com/ . Once they have established a Bank of America account, they can select Transfer Funds to access this new feature and add the accounts of those family members and friends to whom they would like to transfer money. The service is now available to customers with accounts in the Southeast, Southwest and Midwest and will be rolled out to California customers in October. Former Fleet customers will be able to access the service later next year when they are converted to the Bank of America system. Next month, Bank of America also plans to introduce transfers to and from accounts at other financial institutions.