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Back to Campus, Bank of America Introduces Morris, The Wise Upperclassman Financial Awareness Campaign to Help Students Bank with Confidence.

Bank Unveils New Product Suite and Launches "Be Money on Campus" Contest

CHARLOTTE, N.C., Aug. 27 /PRNewswire/ -- Bank of America today introduced a financial awareness campaign designed to educate and empower students to take control of their finances and bank with confidence in this new academic year. The national effort aims to help address a recent Bank of America sponsored survey finding where nearly four in 10 (38%) college-aged students reported they can use help in managing their money.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b)

Morris on Campus,(TM) Life According to an Upperclassman,(TM) provides college students with tips on how to navigate campus life, including money matters, through Webisodes, additional online content as well as offline communication pieces. Morris will introduce students to Bank of America's new Student Package, a suite of easy-to-use banking products designed specifically for students, while also pointing them to helpful financial resources, such as the Student Financial Handbook, a downloadable guide that provides students with easy to understand explanations and advice on an array of financial topics. The Morris on Campus site can be found at http://www.bankofamerica.com/oncampus .

"The majority of students told us they are optimistic about the economy and overall feel they have an easier financial situation than their parents' did at their same age. But one-in-five (20%) still say school-related expenses and general money matters are their biggest concerns entering the fall semester," says Sandy Dunleavy, Student Banking executive at Bank of America. "Through our Morris on Campus campaign, Student Financial Handbook and Student Package banking products, Bank of America is equipping students with the right tools to take control of their finances now and as they prepare for the future."

Be Money on Campus Contest

To continue the dialogue among students concerning their finances, Bank of America has teamed with Farnoosh Torabi, senior correspondent for TheStreet.com and author of "You're So Money" to conduct a national search for the "BMOC" (or Be Money on Campus) student. The BMOC contest offers college students a chance to win $25,000 by sharing their best financial tips related to on and off-campus life.

"How we live with our hard earned money - earn it, save it, spend it - inevitably affects our futures," states Torabi. "Learning how to develop a healthy relationship with money while you're young is key. So much about managing your money well is having the right state of mind. With the BMOC contest, Bank of America and I hope to inspire students to feel more informed and in control of their own finances."

For full details, contest rules and to enter, visit: http://www.bankofamerica.com/bemoney .

Students Financial Perception vs. Reality

Bank of America's "Bank with Confidence" survey findings reveal important insights into the viewpoints college students have about their money and finances, including:

-- Nine in 10 (91%) students feel prepared to manage their finances in the upcoming semester

-- Nearly eight in 10 (78%) report feeling "knowledgeable" to "very knowledgeable" about saving

-- Two out of three (67%) feel similarly about balancing their checking accounts

-- More than three in four (77%) turn to their parents for financial information and advice; one-third (34%) discuss finances more than once a week

However:

-- Four in 10 (42%) students reported having overdrawn their checking account

-- And, surprisingly for this Gen Y generation, one in three (30%) students reported not being knowledgeable about online banking; two-thirds (64%) were not familiar with mobile banking

-- More than four in 10 (42%) of students say they don't feel the need to talk to their parents about money, and one in four (25%) add they don't want their parents judging how they spend their money

"Students head off to college normally without having any formal instruction on personal financial management. Understandably, students typically turn to their parents for financial help until they enter the real world," said Laura Levine, executive director of the Jump$tart Coalition(R) for Personal Financial Literacy, a national non-profit financial education organization. "We commend Bank of America for taking a closer look at college students' attitudes about money, raising opportunity areas for parents to get involved, and helping to continue the financial literacy cause through creation of financial education resources."

About Braun Research

The survey was conducted by Braun Research via telephone from July 16 to August 13, 2008 of 300 nationally representative U.S. college students ages 18-25 and 300 parents of U.S. college students ages 18-25. The margin of error for each audience is +/-6%. Braun Research, Inc., is a privately-held marketing and public opinion research firm whose goal is to uphold the highest standards of data collection. Headquartered in Princeton, N.J., Braun Research engages in data collection via telephone and online for various marketing and advertising agencies, survey research firms, government agencies, foundations, universities and academic entities, as well as religions organizations. Since the company's founding in 1995, it has conducted more than 4,600 research projects worldwide. Braun Research is a well respected firm employing techniques and Standards approved by various survey research academic organizations and other affiliations including those with whom Braun is active member, including AAPOR (The American Association for Public Opinion Research) and CMOR (Council on Marketing and Opinion Research) and CASRO (Council on American Survey Research Organizations).

About the Bank of America Student Package

The Student Package, an all-inclusive product suite, covers all of a student's banking needs:

-- Free CampusEdge(R) Checking and Savings Account with Keep the Change(R) -- No monthly maintenance fees on checking for five years(1) and no monthly maintenance fee on a savings account after the first check card purchase, when the checking and savings accounts are opened on the same day with Keep the Change enrollment.(2) With Keep the Change, Bank of America will round up check card purchases to the nearest dollar amount and transfer the difference from their checking account to their savings account. Bank of America matches 100 percent of the transfer for the first three months and 5% thereafter, up to a maximum of $250 annually. CampusEdge customers also receive a Bank of America Photo Security(R) check card and have access to 18,000 Bank of America ATMs nationwide.

-- First Overdraft Fee Refund -- Students can get their first overdraft fee refunded upon request by calling or visiting their local Bank of America banking center. Plus, students get a free Stuff Happens(R) Card for a future qualified service fee refund (including overdraft, non-Bank of America ATM, etc.).(3)

-- Free Online Banking service and Mobile Banking -- Available to students 18 years and older, Online and Mobile Banking allows customers to check balances, receive text and email alerts, transfer funds, and pay bills 24/7.(4)

Bank of America also offers free parent-to-student transfers between a parent's Bank of America account and their child's account. Plus, with tools like the Student Financial Handbook, Ultimate Money Skills, Making College Financial Planning Count and The Essentials: Your Guide to Credit, Bank of America is helping educate students on how to develop sound financial decision making.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking service with more than 25 million active users. Bank of America offers industry leading support to more than four million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. Bank of America, Member FDIC.

(1)Your account initially will be opened as CampusEdge(R) Checking with no monthly maintenance fee for 5 years. Fees for overdrafts and other account-related services still apply. Student status will be validated. After 5 years, your account will be converted to MyAccess(R) Checking. Programs, fees, rates, terms and conditions are subject to change.

(2)This offer does not apply to current Bank of America customers or existing accounts. We may change or terminate this offer at any time. See our Personal Schedule of Fees for information about these accounts and our Keep the Change service. Purchases with rewards or ATM cards are not eligible for matching. We will match 100% of your Keep the Change transfers for the first three months after you enroll. Thereafter, we will match 5%. The maximum total match is $250 per year. Matching funds are paid annually after the anniversary of enrollment on accounts that remain open and enrolled. Bank of America will only match Keep the Change transfers on up to five checking accounts per depositor (including joint depositors) or up to five checking accounts per household, whichever is less. Eligible savings accounts include Regular Savings (or Market Rate Savings in WA and ID), which requires a minimum opening balance of $25 ($1 in WA and ID) and pays a variable annual percentage yield that is 0.20% as of 08/13/2008. Money Market Savings accounts are also eligible. Matching funds will be reported to the IRS on Form 1099. Fees may reduce earnings. Patent pending.

(3)Stuff Happens(R) Card, good for a one-time refund for one of the following fees at the student's request: overdraft item fee, NSF - returned item fee, overdraft protection transfer fee, stop payment fee or non-Bank of America ATM fee. The Stuff Happens Card is valid only for CampusEdge Checking accounts.

(4)Mobile banking and alerts are not available with accounts located in WA or ID. For Bank of America Mobile Banking, you may be charged web access fees by your wireless carrier. Web Access is needed to use Mobile Banking. Mobile Banking payees and transferees must be previously set up in Online Banking. Check with your service provider for details on specific fees and charges.

http://www.bankofamerica.com/

CONTACT: Diane Wagner of Bank of America, +1-312-828-2932, Mobile: +1-312-952-1756, diane.wagner@bankofamerica.com

Web site: http://www.bankofamerica.com/ http://www.bankofamerica.com/oncampus http://www.bankofamerica.com/bemoney
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