End the Owe Woe
October 10 2017 - 9:00AM
Business Wire
Bank of America Report Reveals Unpaid IOUs Can
Sever Friendships, Introduces “Pay Back a Friend Day” on October 17
to Help Set Things Right
People would rather trip and fall in public than ask a friend to
pay them back, yet many friendships end over the topic of money,
according to a survey released today by Bank of America.
The Friends Again Report explores the impact of money on even
the closest relationships. Its findings underpin why Bank of
America has designated October 17 as “Pay Back a Friend Day” to
demonstrate that no matter how long it’s been or how much or little
is owed, friendships are greater than any debt.
“The report findings quantify the tremendous toll on friendships
from owing – and being owed – money,” said Meredith Verdone, chief
marketing officer at Bank of America. “We created Pay Back a Friend
Day to help our customers begin a conversation with their friends
about what can be a painful topic.”
Key findings from the report include:
- Nearly half of respondents cited money
as a cause of stress in their friendships, and many admit they
would rather talk to their friends about nearly anything –
including their love life or family drama – than money.
- Fifty-three percent have seen a
friendship end over money owed, while 43 percent would be willing
to end a relationship with a friend for not paying them back. Of
those, nearly three-quarters say they would end the friendship over
$500 or less.
- Asking a friend to settle up was second
(48 percent) only to forgetting someone’s name (54 percent) among a
range of uncomfortable scenarios.
- Nearly one in five respondents have
avoided a friend to whom they owe money. They most commonly ignored
their friend’s calls or texts (56 percent), skipped a party (30
percent) or lied about their whereabouts (22 percent).
- While honesty (84 percent) and time (74
percent) top the list of ways to save a failing friendship, many
(38 percent) believe paying back a debt can also help to salvage
the relationship.
- Mobile payment apps ease the social
friction among friends, as many say the technology holds debtors
accountable for amounts owed (33 percent) and eliminates the
awkwardness of face-to-face confrontation (30 percent).
- Nearly one in five say sending money
via mobile would improve their relationship with friends, with
millennials twice as likely to say so (41 percent).
“Friends should feel free to talk about anything and everything,
but unfortunately that’s not the reality when it comes to money,”
said Verdone. “Settling debts via mobile can help friends
re-establish connections that they might have feared were lost
forever.”
Erasing awkward “friend debts” is now easier than ever with Bank
of America’s Mobile Banking app. Through Zelle®, the
person-to-person payment functionality within the app, consumers
can send, receive and request money to almost anyone typically
within minutes1, regardless of where they bank in the U.S. The
three features of Zelle (Send, Request, Split) allow people to
settle up old debts or avoid owing friends money back in the first
place, while improving their relationships in no time with the
message, “Pay them back. Be Friends Again.”
1 If the recipient is not enrolled with Zelle, the payment could
take between one and three days to receive once they enroll.
About the Bank of America Friends Again ReportConvergys (an
independent market research company) conducted a nationally
representative online survey on behalf of Bank of America August
8-18, 2017 using a panel-provided sample. Convergys surveyed 1,000
respondents throughout the U.S., comprised of adults 18+ who own a
smartphone. In addition, an Omnibus was conducted July 24-26, 2017
with a sample of 1,000 nationally representative online panelists
ages 18+.
Bank of America’s Mobile Banking LeadershipWith 23 million
active mobile users and growing, Bank of America’s mobile banking
platform is an evolving source of increased customer engagement and
satisfaction. During the second quarter of 2017, mobile banking
customers logged into their accounts 1 billion times, or
approximately 47 times per user. During that same period, customers
made more than 30 million mobile bill payments and nearly 11
million P2P transfers, a growth of 89 percent over 2016. Customers
also used their mobile devices to deposit more than 340,000 checks
daily and redeem over 1 million credit card cash and travel
rewards. More customers are opening new accounts through mobile,
with sales increasing by 47 percent over the past year.
Bank of AmericaBank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
47 million consumer and small business relationships with
approximately 4,500 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 34
million active users, including 23 million mobile users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations in all
50 states, the District of Columbia, the U.S. Virgin Islands,
Puerto Rico and more than 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news, and click here to register for news email alerts.
Bank of America, N.A. Member FDIC © 2017 Bank of America
Corporation.
Zelle and the Zelle-related marks are wholly owned by Early
Warning Services, LLC and are used herein under license.
www.bankofamerica.com
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version on businesswire.com: http://www.businesswire.com/news/home/20171010005704/en/
Reporters May Contact:Tara Burke, Bank of America,
1.203.292.6590tara.a.burke@bankofamerica.com
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