Video transcripts
Online Sales
(Fade to black. Fade in map of the world. Music.) Bank of America is the world leader in online banking. (Computer screen with browser window, http://www is typed. Close-up of keyboard Enter key.) In 2005, active online subscribers increased more than 18 percent to almost 15 million, (Finger presses key. Hand clicks on computer mouse. Busy urban street intersection with blurred motion of pedestrians and cars.) which represents the largest active online customer base in the world.
(Aerial view of cityscape with river) Meanwhile, the number of customers using our online bill pay program increased more than 25 percent to more than 7.2 million. (View over the shoulder of man at computer.) More than half of bills paid through a bank online (Bankofamerica.com Personal home page with rotating banner ads.) are paid through our web site, bankofamerica.com.
Volume like this represents a tremendous opportunity. (Bankofamerica.com Checking & Savings page, then Checking Account page.) Bankofamerica.com now receives 1.6 billion site visits per year. (Open an Account page, Savings Account page.) And each visit represents an opportunity. (Online banking Enrollment page, man at computer again.) Not only is bankofamerica.com a convenient and cost-effective channel for our customers, (Personal home page.) it is also a growing channel for product sales.
(Segments of world map swirling and assembling into map.) In 2005, online banking accounted for 12% of total retail sales at the bank, up from 7% the previous year. ( Checking & Savings page, cursor selects Changes in Your Life, then After Graduation. After Graduation page.) Customers like the convenience of buying online any time of the day or night. The bank benefits from a lower cost of sales.
(Cursor selects Open an Account. Open an Account page. Credit Cards page.) As the online banking leader, Bank of America will continue to innovate to better serve its customers and create more value for its shareholders. (Logo flag and logo reading "Bank of America Higher Standards." Fade to white. Music fades. Return to photo of Bank of America executives.)
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SafeSend™
(Fad to black. Music. Crowded urban sidewalk, rainy.) An estimated 40 million U.S. residents are Hispanic. And fully half of them have no banking experience or relationship with a financial institution. (Photo of Juan and Maria Cuarenta with family at picnic grounds. Pan down across photo.) We expect this segment to account from more than 60 percent of our new customers over the next 10 years, so Bank of America is actively developing programs to meet their needs
(Map of United States and Mexico in gray slowly resolving to U.S. in black and Mexico in dark gray.) One of these efforts is a program called SafeSend. It's a free service enabling Bank of America customers in the United States (Bank of America debit card floats forward from U.S.) to safely send money (Card changes to pesos. They float back toward Mexico.) to Mexico. (Zoom into U.S. map. Man stands by window, talking on the phone. Woman comes up and speaks to him. He walks toward her.) In 2005 alone, a reported 50 percent (of all adult Mexican immigrants in the United States sent an estimated $20 billion (Sunny street, two women walking.) home to relatives in Mexico- Interior. One of the women walks to clerk behind a window, picks up money).often paying fees of up to 10 percent. (Street exterior. The two women are walking, talking.) SafeSend provides a free, safe and easy alternative, and a great way for Bank of America to start new relationships.
(Exterior in an old city square, merchants in a colonnade. The women are buying food from a vendor.) Our checking account customers can send cash in Mexican pesos (Close-up of pesos.) at competitive exchange rates to (Gray map of Mexico with clusters of red dots. Zoom in.) more than 3,600 locations throughout Mexico. The program was started in September of 2005, and has proven so successful that the bank plans to add 900 more locations in 2006.
(Text reading "SafeSend®", then "Reaching out to build relationships." Fad to white.) SafeSend is just one example of how Bank of America is actively reaching out to build relationships. (Return to photo of Juan and Maria Cuarenta.)
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Keep the Change™
(Fade to black. Music.) At Bank of America, we recognize (Hand signing on electronic signature device. Couples shopping.) that innovative banking products are the key to attracting new customers. (Mother and son at grocery checkout stand.) That's why we recently launched Keep the Change, (Close-up of jar of coins.) a unique program that helps customers put aside savings on a regular basis.
(Perky music. Woman at grocery checkout swipes card through reader, enters PIN, returns card to wallet.) Here's how it works: Under the Keep the Change program, every debit card purchase made by a participating customer (Screen reads, "Transaction $3.50, then "Transaction $4.00. Savings account $.50") is automatically rounded up to the next dollar. The difference is then transferred to the customer's savings account. (Cards being swiped in readers.) Every debit card purchase adds to the total.
(Couple talking at deli counter.) To provide added incentive for new accounts, (Same couple at home, man drinking coffee-is startled. Woman on phone looking at him.) the bank matches 100 percent of program deposits for the first three months, (Different couple shopping. Mother and son interact with clerk at grocery store.) and five percent thereafter, up to $250 per year.
(Several jars of coins. Close-up of full jar with more coins landing on top.) Bank of America's Keep the Change program was launched in October of 2005, and has already proven an overwhelming success. By January of 2006, the program had attracted more than 1 million customers. (Couples interacting.) And more than 20 percent of these customers were new to the bank.
(Mother at grocery store. Walk-up window at back, close-up of hands sliding debit card to clerk. Clerk swipes card in PIN pad.) Imagine: A program that attracts over 200,000 new customers in just three months. (Card laid on bill tray at restaurant. Waiter takes tray.) That's the power of innovation. (Logo flag and logo reading "Bank of America Higher Standards." Fade to white. Music fades. Return to photo of associates on red couch.)
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Investing in China's growth
(Music. Logo flag and logo reading "Bank of America Higher Standards.") Bank of America's growth (Zoom out from map of U.S. to world map.) depends on recognizing opportunities-not just in the United States, but around the world.
(Zoom in on map of China. Abstract graph showing upward trend.) China, one of the fastest growing economies in the world, represents one such opportunity. (Busy Beijing street, many people crossing in a large crosswalk. Double-decker bus approaches.) In the past 25 years, its Gross Domestic Product has grown from approximately $300 per capita to an estimated $6,200 per capita in 2005. (Zoom out from China map to world, rotate to Europe.) With an average growth rate approaching 10% over the last 10 years, China has become the fourth largest economy in the world, recently surpassing France and the United Kingdom.
(Busy sidewalk next to a lawn, filled with bicyclists and pedestrians.) As they have watched their economy grow, the 1.3 billion people in China have also developed more sophisticated attitudes about banking. (Different street scene, among pedestrians and bicyclists.) There was a time when personal savings were primarily invested in precious metals. (Aerial view of cityscape lit up at night.) Now, the people of China are eagerly seeking more sophisticated banking products, such as home mortgages and (Close-up of credit card.) credit cards.
(Gregory Curl and Guo Shuqing facing one another in front of gate. Pan down across photo.) In 2005, Bank of America formed a strategic partnership with China Construction Bank, (View of skyscrapers from below, pan up) the third largest bank in China, with total assets of $522 billion. It is China's leader in residential mortgages, ranks No. 2 in the issuance of bankcards, and has 146 million active retail deposit accounts.
(Sidewalk, among bicyclist and pedestrians.) Bank of America now owns 9 percent of China Construction Bank stock, (Zoom in on young man and woman, arm in arm.) with the option to increase that stake to 19.9 percent in the future. (Original photo of Curl and Shuqing, slowly zooming out.) Through this partnership including an innovative strategic assistance agreement, Bank of America is positioned to help China Construction Bank (Aerial cityscape at dusk.) leverage its already strong market position in order to maintain and enhance its leadership in that dynamic economy. (Return to photo of Curl and Shuqing.)
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Global Wealth and Investment Management video
(Still photo of Arthur and Carla Silver at home reading together. Fade to white. Return to starting photo of Silvers facing one another. Music. Pan across photo.) Affluent Americans-those who have up to three million dollars in investable assets (Headshots of six diverse people individually fade in to fill screen.)-make up about one-quarter of U.S. households. But as a group (Pull out to reveal headshots of larger group of people.), they own about three-quarters of all investable assets in the United States. (Slowly pull out further to show more people.) Bank of America has relationships with some eight million such affluent individuals and families. And we're providing more and more of them with a very different solution (Brass plate-style logo appears.) called Premier Banking & Investments.
(Meeting room, sunny, people seated at a table. Man shakes hands across table with another smiling man. Woman next to him is writing something.) These customers get hands-on, personalized support (Different meeting room. Woman at table is talking.) from a dedicated team: (Man at table holding paper confers with a man and a woman.) A premier banking client manager oversees cash flow, credit and savings. A Bank of America (Pan around table showing backs of seated people, a woman talking, a man standing and listening.) investment services financial advisor focuses on investments.
(Text reading "Credit". Arrow appears moving left, stops at new text reading "Cash flow".) This way, credit can be used to increase cash flow, and (Text reading "Savings". Arrow appears moving down, stops at new text reading "Investments".) savings can be put toward investments. And financial needs (Shot of original meeting room and people, man talking to man and woman.)-from short-term cash management to long-term investment and estate planning-can be addressed more efficiently through a single relationship.
(Second meeting room, people at table working with computers, talking.) Bank of America created Premier Banking & Investments to fill the gap between consumer banking and private financial services for the very wealthy. (First meeting room, man shakes hands with man. Man and woman smiling.) This model for serving affluent clients is unique in our industry and is steadily gaining market share. (Fade in individual headshots in large group.) We're building and expanding client relationships in America's largest and fastest-growing wealth markets.
(Music fades. Disclaimer text appears.) Premier Banking & Investments™ is offered through Bank of America Premier Banking® and Banc of America Investment Services, Inc.®
We want you to know that banking products such as checking accounts and certificates of deposit are FDIC insured to the maximum allowed by law and are offered through Bank of America, N.A., member FDIC.
Investment products such as stocks, bonds and mutual funds provided by Banc of America Investment Services, Inc.®, are not FDIC insured, may lose value, and are not bank guaranteed. Banc of America Investment Services, Inc. is a registered broker-dealer, member NASD and SIPC, and a nonbank subsidiary of Bank of America, N.A. (Return to photo of Arthur and Carla Silver.)
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Neighborhood Excellence Initiative
(Music. Fade to black. Logo flag and logo reading "Bank of America Higher Standards.") (Home video footage driving by houses, school bus.) Bank of America's Neighborhood Excellence Initiative is dedicated to helping change lives for the better. (Bank representatives and recipients holding a large-scale Bank of America check.) By the end of 2005, the bank had committed $30 million to the program in 38 markets across the country. (Smiling woman's face.)
(Exterior square with pedestrians.) A key aspect of the program are grants to nonprofit organizations (Woman on phone, in office, in front of computer. Banner behind her reads "Lawrence Community Works.") that are working to promote vibrant neighborhoods. (Home video driving through different neighborhood. Man climbing onto a stage, shakes hands with another man.) Through these grants, Bank of America works with local leaders across the country to identify and address each area's special needs.
(Map of U.S. Red dot appears at Chicago. Screen reads "Jesus Garcia.") One such leader is Jesus Garcia, executive director of the Little Village Community Development Corporation in Chicago. (Shot of Garcia watching children in martial arts class.) Garcia is a former city alderman who went on to become the first Mexican-American to be elected an Illinois state senator.
(Garcia walks toward podium at award ceremony, shakes hands with woman, sets down notes on podium.) Here's how Garcia describes the impact of the Neighborhood Excellence Initiative on his community.
(Garcia speaks.) "If I may, I would like to tell you a little bit about our organization. We're only 8 years old.. That's my recovery time since I left the state senate and politics behind me. And during that time we've been involved in improving education, and we're so excited because only last month we inaugurated the first high school of its kind in the city of Chicago: four small high schools in one facility. (Seated boy holding up book, talking to younger children seated on floor mats.) Small schools, individualized attention-we think that it will contribute to efforts all over the country (Man seated next to boy reads from book to children.) of urban areas seeking to improve their education systems. (Garcia speaking.) The Bank of America award is really about investing in effective leadership throughout this country. Thank you, thank you, thank you."
(Driving by houses. Three people holding up a large-scale Bank of America check, camera flashes going off.) The Neighborhood Excellence Initiative is funded through the Bank of America charitable foundation-(Gray map of U.S.)one of the largest corporate foundations in the country. The program will donate (Text reads, "$200 million in 2006.") $200 million in 2006 on its way to a philanthropic goal of (Text reads, "$1.5 billion over 10 years.") $1.5 billion over the next 10 years. (Return to photo of Garcia with martial arts class.)
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