Bank of America to implement 'relationship enhancement strategy'

Bank of America is planning to offer new consumer-facing banking services by the end of this year, the financial company said in its third-quarter earnings statement.

The company plans to focus on a “relationship enhancement strategy” and “to bring in more business and to make pricing more upfront and transparent,” according to the earnings report.

“In August, the company began offering eBanking, which allows customers who primarily use such alternative channels as online banking and ATMs, to be rewarded with better pricing,” the company said in the earnings statement. “The bank plans to begin testing new offerings in December that will provide customers choices on how to pay for their banking services and reward them for using certain products or bringing more balances. The company is also considering other new products in the payments area that would meet the evolving needs of specific customer groups with testing scheduled to begin next year.”

A Bank of America spokesperson declined to comment.

The financial company reported a net loss of $7.3 billion in the third quarter, after an impairment charge of $10.4 billion.