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Personal Finance
Published June 20, 2019


BANK OF AMERICA CEO SAYS COMPANY WANTS A ‘CASHLESS SOCIETY’

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By Kathleen Joyce FOXBusiness
Video

Bank of America CEO Brian Moynihan spoke this week about embracing digital
payment transactions while moving toward a cashless society.



Moynihan made the comments Wednesday during Fortune’s Brainstorm Finance
conference in New York. The CEO spoke about Zelle, Google Pay and Apple Pay and
its increasing popularity. He said Bank of America “will continue to move”
toward digital banking transactions.

“We want a cashless society,” Moynihan told Fortune’s Shawn Tully. “We have more
to gain than anybody from a pure operating costs (perspective).”


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He explained that Bank of America spends $5 billion for “checks and cash to move
around the company.”

Video

Moynihan pointed out that many of the deposits are not made at the bank’s
branches but he didn't discount the importance of having locations.



“On the other hand between now and tomorrow at this time 800,000 people will
walk in our branches,” he said. “It’s a high-tech business but you need both to
be successful.”

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Some countries have already embraced the cashless route.



In a survey conducted in 2018, just 13 percent of Swedes reported using cash for
a transaction. The country’s retailers predicted by 2025 that they would stop
accepting cash for transactions. Some Swedes have even gotten a microchip
inserted into their hands as a quick and convenient way of paying, NPR reported.




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Personal Finance
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 * Student Loans
 * Credit Cards
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 * Retirement
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 * Money & Policy
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©2022 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy