Person walks past a Bank of America sign in New York City

Bank of America customers made $335 billion in payments in January

NEW YORK (Reuters) -Bank of America said on Monday its customers made $335 billion in total payments in January, a 17% increase over January 2021.

Credit and debit card spending was up 16% to $65 billion, with credit card spending up 28%, the bank said.

The strong spending figures are good signs for the economy and the consumer, a bank executive said in a statement.

“Our clients’ checking and savings deposit balances were also up 15% year-over-year,” said Mary Hines Droesch, Head of Consumer and Small Business Products, Bank of America. “These trends bode well for the economy as we move further in 2022.”

(Reporting by Elizabeth Dilts Marshall, Editing by Louise Heavens)