Bank of America plans to increase its minimum wage to $25. Starting in October, Bank of America will lift its base pay to $25 per hour. The bank started boosting wages in 2018 at $15 hourly. Through steady increases, starting pay has shot up $20,000 since 2017. "Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America," said Sheri Bronstein, Chief People Officer at Bank of America, according to Bank of America Newsroom.