Bank of America's Customer Base
Bank of America serves approximately 66 million customers across the United States and globally, though the exact number shifts each quarter as accounts open and close. The bank does not break this figure down by account type in its public reports, so you cannot determine from official statements how many of those are checking accounts, savings accounts, credit cards, or investment accounts held by the same person.
The 66 million figure comes from Bank of America's quarterly earnings reports filed with the Securities and Exchange Commission (SEC). These reports are public documents and represent the most recent disclosed customer count, but the bank updates this number only when it files its quarterly 10-Q forms or annual 10-K form. If you need the most current figure, the latest filing is the place to find it.
Customer count alone does not tell you much about the bank's size or reach. A more useful measure is total assets under management—Bank of America holds over $3 trillion in assets—because that reflects the actual money flowing through the institution and the scale of its operations.
Key Takeaways
- Bank of America reports serving roughly 66 million customers, a figure that includes all account types and is updated quarterly in SEC filings.
- The customer count does not distinguish between individuals with one account and those with multiple accounts, so the number of actual people is lower.
- Bank of America's total assets—over $3 trillion—is often a more meaningful measure of the bank's scale than customer count alone.
- The bank's customer base spans retail banking, wealth management, and corporate services, so the 66 million includes customers across all three lines of business.
- You can find the most recent customer count in Bank of America's quarterly 10-Q or annual 10-K filings on the SEC's EDGAR database.
Where the 66 Million Figure Comes From
Bank of America discloses its customer count in quarterly earnings reports because the bank is a publicly traded company required to file financial statements with the SEC. These filings go into the EDGAR database, which is free and searchable by company name. The customer figure appears in the bank's management discussion and analysis section, usually near the beginning of the filing.
The bank counts a customer as any individual or business that holds at least one account or product with Bank of America. This means one person with a checking account, a savings account, and a credit card counts as one customer, not three. A business with a checking account and a line of credit also counts as one customer. This method of counting inflates the customer number compared to counting unique people or unique businesses.
Bank of America updates this number only when it files its quarterly report, so the figure you see is always at least a month old by the time it becomes public. If you are reading a news article citing a specific customer count, check the date of the article and the date of the most recent SEC filing to understand how current that number is.
How Bank of America's Customer Count Compares
Bank of America is the second-largest bank in the United States by assets, behind JPMorgan Chase. JPMorgan Chase reports serving approximately 80 million customers, while Wells Fargo reports around 70 million. These numbers are not directly comparable because each bank counts customers slightly differently and operates in different geographic regions and business lines.
The gap between customer counts does not always reflect the gap in actual size or profitability. A bank with fewer customers but higher average account balances may be more profitable than a bank with more customers and smaller accounts. Bank of America's total assets and revenue are better indicators of its market position than customer count alone.
Regional banks and credit unions serve far fewer customers—often in the thousands or low millions—but may have deeper relationships with their customer base and lower fees. The largest banks compete partly on scale and convenience, which is why customer count matters to them as a marketing metric.
What "Customer" Means in Banking
A customer in banking terminology is not the same as a person. One person can be multiple customers if they hold accounts at different branches or under different legal entities. A business owner with a personal checking account and a business checking account at the same bank counts as two customers in most bank reporting.
Bank of America's definition of a customer is anyone with an active account or product relationship. An inactive account that has not been touched in years may or may not count, depending on the bank's internal rules. If you close an account, you stop being counted as a customer for that product, though you remain a customer if you hold other accounts.
This definition matters because it means the 66 million customer figure includes some overlap with other banks' customer counts. If you have accounts at both Bank of America and Wells Fargo, you are counted as a customer by both banks. The total number of unique people banking in the United States is much smaller than the sum of all customer counts across all banks.
Why Banks Report Customer Numbers
Banks report customer counts because investors and analysts use the figure to track growth and market share. A bank that gains customers quarter over quarter is seen as expanding its reach, while one that loses customers may be losing competitive ground. The metric is simple enough for non-specialists to understand, which is why it appears in press releases and news coverage.
Customer count is also a leading indicator of future revenue. More customers usually means more deposits, more loans, and more fee-generating products. A bank that is losing customers may face pressure on its net interest margin and fee income down the road, so the metric gets attention from financial analysts.
However, customer count is a blunt instrument. A bank could gain millions of customers by acquiring another bank, but that does not create new economic value—it just consolidates existing customers. Similarly, a bank could lose customers by closing branches in unprofitable areas while actually becoming more profitable overall. Investors and customers should look at multiple metrics, not just customer count, to understand a bank's true performance.
How to Find Bank of America's Current Customer Count
The most reliable source is Bank of America's investor relations website, which hosts all SEC filings. Go to the SEC's EDGAR database, search for "Bank of America Corporation," and filter for 10-Q (quarterly) or 10-K (annual) filings. The customer count appears early in the filing, usually in the first few pages of the management discussion section.
Bank of America also publishes quarterly earnings releases on its investor relations page, which often highlight the customer count in a summary table or in the opening paragraphs. These releases are easier to read than the full SEC filing and are published on the same day as the filing itself.
News articles about Bank of America's earnings will often cite the customer count, but verify the date of the article and the date of the earnings release to make sure you are not reading an outdated figure. Customer counts can shift by millions quarter to quarter, so a number from six months ago may no longer be accurate.
Frequently Asked Questions
Does Bank of America's customer count include credit card holders who do not have a checking account?
Yes. Bank of America counts anyone with any product—checking, savings, credit card, investment account, or loan—as a customer. A person with only a Bank of America credit card and no deposit accounts is still counted in the 66 million figure.
If I have multiple accounts at Bank of America, am I counted more than once?
No. Bank of America counts you as one customer regardless of how many accounts or products you hold. A person with a checking account, savings account, and credit card at Bank of America is one customer, not three.
How often does Bank of America update its customer count?
Bank of America updates its customer count once per quarter when it files its earnings report with the SEC. The figure is released publicly on the same day as the quarterly earnings announcement, usually in late January, April, July, and October.
Is Bank of America's customer count growing or shrinking?
You can track this by comparing customer counts from consecutive quarters in the bank's SEC filings. The trend varies by year and by business line, so check the most recent filings to see the current direction. The investor relations website often highlights year-over-year changes in the earnings release.
Why does Bank of America report more customers than some other banks?
Bank of America is one of the largest banks in the United States and operates nationwide, so it naturally has a large customer base. Different banks also count customers differently—some include inactive accounts, others do not—so direct comparisons between banks are not always reliable.