Bank of America will no longer use Twitter for its online banking, the bank said Friday.
The move comes a day after a Wall Street Journal report revealed that the bank had been using the social media platform to target and recruit workers to help it meet regulatory deadlines.
BofA spokeswoman Stephanie Dornberger said the bank “strongly believes” in its ability to provide customers with high-quality banking services online and is focused on making online banking available to customers across its business lines.
“It is important to note that this decision was not a reflection on our customer service, customer support or our ability to serve our customers on a daily basis,” Dornauer said.
“It was a reflection of the financial pressures that we are under.”
Dornberger did not provide any details about the nature of the bank’s financial problems or how much it has paid in fines and penalties for using Twitter.
Twitter was a top target of federal regulators after it admitted it had been allowing its account holders to send and receive hundreds of thousands of fake messages in 2015.
The Federal Trade Commission said BofA had used Twitter to send hundreds of millions of fake Tweets about a dozen times between October and December 2015.
In December 2015, Twitter agreed to pay $1 billion in fines to the FTC for a $100 million scheme to encourage consumers to buy insurance on its platform.
The bank said in a statement it had received a letter from the FTC late last month and was evaluating its compliance with the rules.