Bank of America Credit-Card Charge-Offs Reach 13.86% (Update1)
By Peter Eichenbaum
July 15 (Bloomberg) -- Bank of America Corp., the biggest U.S. bank by assets, said net charge-offs on its credit-card trust rose to 13.86 percent in June from 12.5 percent a month earlier.
Payments overdue by 30 days or more fell to 7.73 percent from 7.95 percent in May, according to data posted today by the Charlotte, North Carolina-based lender on it Web site.
Bank of America’s charge-off rate was the highest among five U.S. credit-card issuers that reported today, and one of only two that climbed from the previous month.
American Express Co., JPMorgan Chase & Co. and Discover Financial Services reported month-to-month declines, while charge-offs at Capital One Financial Corp. rose.