During a recent visit to Florida, Bank of America's president of retail operations said consumer strength is holding out, despite a sharp rise in interest rates since May and persistently high inflation.
“Economists are calling for a mild recession next year, but we’re still really not seeing that in consumer accounts,”, who is also a member of Bank of America’s executive management, told the Tampa Bay Business Journal while visiting the region last week. Delinquencies and charge-offs at Bank of America still sit below pre-pandemic levels, according to O’Neill. Checking and savings account balances remain above pre-pandemic levels, spending volume continues to grow, although at a lower rate than last year, and people are paying off their credit cards faster and at a higher rate, she said. Cautious consumers aren’t borrowing to capacity, either, O’Neill said. Instead, they’re tapping into existing liquidity to make purchases.
People continue to pour into Florida which is a high-growth market for Bank of America. The migration of clients to the state presents a catalyst for client engagement and the opportunity to pick up additional market share to add to the bank’s already significant presence here, O’Neill said.
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