American consumers are spending more freely as the economy opens up further, Bank of America CEO Brian Moynihan said Monday.
Transaction volumes on customers’ credit and debit cards and over the Zelle payment network have grown by 20% so far in 2021 compared to this point in 2019, Moynihan told CNBC’s Becky Quick on “Squawk Box.” The comparison excludes 2020, an abnormal year in many respects because the onset of the pandemic led to widespread stay-at-home orders.