Bank of America consumer clients make $294B in payments in February

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• Strong consumer payments and spending continued in February, with both metrics staying above prepandemic levels, Bank of America said in a statement.
• The $294B in total consumer client payments last month increased 16% from February 2021, which had risen 5% from February 2020.
• "Strong spending trends across a variety of sectors such as travel, restaurants, public transportation and gym memberships suggest more consumers are returning to the office and resuming more in-person activities," said Mary Hines Droesch, head of consumer and small business products, at Bank of America (NYSE:BAC).
• Combined credit and debit card spending reached $63B in February, up 21% from a year ago, but down from $65B in January.
• Bank of America (BAC) clients' deposit balances totaled more than $1.4T at the end of February, up 15% Y/Y.
• The strong spending comes on top of $335B that the bank's consumer clients paid in January