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Seven 'Bank of America' stories April 2012 - January 2016

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Bank of America & Wells Fargo said to be working on Apple Pay support for ATM withdrawals

Chance Miller Jan 28 2016 - 2:02 pm PT

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Apple Pay iPhone 6

[Update: Chase confirmed to the USA Today this week that it is planning NFC-based ATM withdrawals later this year.]

According to a report out of TechCrunch, Bank of America and Wells Fargo are both working to integrate Apple Pay support into their ATMs. The report, citing “a source familiar with the terms on the projects,” says that the companies have both placed employees on multi-month long assignments to integrate the Apple Pay options into ATMs around the country.

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Bank of America adds Touch ID and Apple Watch support to mobile banking app

Ben Lovejoy Sep 15 2015 - 7:40 am PT

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Bank of America has updated its mobile banking app to allow sign-in using Touch ID, and has added Apple Watch support for balances, recent transactions and alerts.

The new fingerprint and Touch ID sign-in capabilities provide eligible Android, iPhone and iPad customers with a secure and convenient way to log into the mobile banking app using their fingerprint. This feature allows access to the most common functionality of the app without the additional need for a passcode.

The mobile banking app is now compatible with Apple Watch, allowing users to view account balances and recent transactions for their linked checking, savings, credit card and investment accounts, as well as receive real-time alerts and notifications on their wrist …

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Morgan Stanley maintains AAPL as a buy, giving four reasons for expecting stock to climb

Ben Lovejoy Aug 6 2015 - 7:24 am PT

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Following Bank of America Merrill Lynch yesterday giving six reasons for downgrading AAPL stock, Morgan Stanley has responded today with four reasons it continues to rate the stock a Buy, reports Business Insider.

In a note to clients on Thursday, Morgan Stanley’s Katy Huberty maintained an “Overweight” rating and $155 price target on the stock, arguing that the company will not see a similar stock meltdown to what was experienced after a huge run-up in 2012.

While acknowledging that supply may be catching up with demand, leading to supply chain reports of seemingly weaker sales, Huberty says there are four reasons the stock is likely to climb.

Gross margins are improving, not deteriorating, as the company heads into the next iPhone cycle.

There’s low institutional ownership of the stock.

Apple has a more competitive product line-up and a “stickier” ecosystem against Android.

There’s a more robust product and services roadmap.

Addressing concerns about the impact the weak Chinese economy may have on Apple, Huberty says that smartphones costing more than $300 each have been increasing their market share, meaning that Apple is well placed to continue to grow its business in the country.

Bank of America announces 1.1 million cards using Apple Pay, new grocery stores add support

Zac Hall Jan 15 2015 - 7:06 am PT

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apple-pay copy

Bank of America, which partnered with Apple to rollout Apple Pay at launch last October, has announced new customer data on adoption of the iPhone-based mobile payment service. The bank’s most recent quarterly earnings reveal that nearly 800,000 of its customers have begun using Apple Pay with a total of about 1.1 million debit and credit cards activated.

In addition to the latest customer data from Bank of America, support for paying with Apple Pay is popping up in another grocery store chain…
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Bank of America confirms some Apple Pay customers seeing double charges, expects fix today

Mike Beasley Oct 22 2014 - 3:09 pm PT

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Following up on a bevy of miscellaneous issues with Apple Pay, some Bank of America account holders are now reporting that the new service is charging them twice for some transactions. Re/code has now confirmed that Bank of America is in fact experiencing a technical error that is causing the double charges and is currently attempting to roll out a solution that will resolve the problem.

The glitch was apparently the result of a miscommunication between the bank’s systems and an unnamed payment network and wasn’t Apple’s fault at all, according to the report. The bank said that only about 1,000 transactions were affected by the problem, which is a relatively minute number compared to the number of transactions likely being carried out nationwide today.

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Apple reportedly negotiated transaction fee discounts w/ major banks ahead of mobile payment system

Zac Hall Sep 4 2014 - 12:44 pm PT

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Screen Shot 2014-09-04 at 2.43.58 PM

Financial site Bank Innovation reports that Apple has negotiated lower transaction fees with American Express, Bank of America, Capital One, Citigroup, and JP Morgan Chase ahead of the debut of its mobile payment system expected to be announced alongside the new iPhone models next week. The report notes that the banks were likely willing to lower rates to ensure participation and due to Apple’s security measures including the iPhone’s Touch ID sensor.

The first thing Apple has done is convince these four FIs to consider transactions from Apple’s upcoming payments venture — said to launch with its forthcoming iPhone 6 introduction — as “card present” transactions, which carry a lower discount rate than “card not present” transactions, because of lower fraud risk.

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Barron’s: Apple could join Dow index, would have to split shares

Jordan Kahn Apr 29 2012 - 2:54 pm PT

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A new report from business weekly Barron’s (via Reuters) claimed The Dow Jones Industrial Average stock index could potentially replace stocks from Alcoa, Bank of America, or Hewlett-Packard with Apple or Google. There’s no exact timeframe for the overhaul of the index, but Barron’s said adding the companies would be complicated due to the fact the Dow calculates the absolute price of shares. Reuters explained that getting Apple would require the company to split its shares:

Apple, whose shares on Friday closed at $603, would overwhelm the index with a 26 percent weighting. That is double the influence of current Dow component IBM, whose $207 stock price gives it a 12 percent weighting in the index, Barron’s said.

Barron’s said the heavy weighting that Apple would command at its current share price could prove a barrier to becoming a Dow component. To guarantee a Dow spot, Barron’s said, Apple would have to split its shares by five-for-one or 10-to-one. But Barron’s noted that Apple has not split its stock since 2005.