BofA Launches Eco-Deduct Program

September 18, 2008

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Bank of America announced the launch of Eco-Deduct, a new environmental rewards program for cross-border US dollar wire transfers.

Under the program, the bank will reward new or increased volumes of U.S. dollar commercial wire transfer payments by making a 25-cent donation per transaction to the Nature Conservancy.

It is free to participate in Eco-Deduct, with the contributions made by the bank. Participating clients can choose one of four programs supporting conservation and climate change work in Australia, Brazil, Costa Rica and parts of Africa. Clients will receive regular detailed reports regarding the progress of the project and what their contributions have made possible.

In 2007, the company announced a $20 billion, 10-year environmental initiative to address climate change by championing sustainable business practices. Results under this initiative include investments in solar and other renewable energy efforts at schools, municipalities and businesses; financing the preservation of forests; and green building efforts, including the Bank of America Tower at One Bryant Park in New York City.

The bank recently announced that it expects to cut energy costs by 50 percent with a new energy management system.

In February, the bank backed out of a joint venture with the Climate Exchange.

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