After Shakeup, BoA Remains Largest Online Bank

By October 06, 2008

After all the buying and selling, mergers and mayhem, Bank of America remains the number one online bank, according to a Quarterly Bank Benchmarker. Despite the mergers of Chase and WaMu, and whatever the result between Citi, Wachovia, and Wells Fargo will be, Comscore expects that Bank of America will continue to be the largest online bank.

The mergers brought millions of new accounts: “from a liquid deposit account customer standpoint, the confirmed and proposed mergers are essentially additive in nature with more than 98 percent of customers being incremental.”

Bank of America currently has 24.6 million unique active customers of any kind (these include mortgages, credit cards and loans, in addition to liquid deposit account holders). The Chase/WaMu merger has brought Chase’s number up to 21.4 million, from 14 million. The as-of-now legally blocked Wachovia/Wells Fargo consolidation would net 17 million active customers, adding more than 6 million new Wells Fargo accounts.

The current breach-of-contract suit brought against Wachovia by Citi late last week could change these numbers drastically, especially if Wachovia is split between Citi and Wells Fargo, which is what the Federal Reserve is pushing for.

Comscore's numbers did not include Bank of America's potential acquisition of Countrywide and Merrill Lynch.

Legal mentions © L’Atelier BNP Paribas