In Brief

A new service called "BankAmeriDeals" will offer consumers targeted online discounts.

Bank of America is testing a new Groupon-like service that offers its customers online discounts based on their previous spending. This example of banks taking on internet business models to attract new customers and increase credit card activity shows the changing face of the business world.

Reuters reports that these “BankAmeriDeals” will be tested with Bank of America employees starting this week. Customers will receive offers through the bank’s website and the discounts will be awarded in the form of monthly cash payments. Here’s more detail on how it works:

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