Bank of America designated October 17 as National Pay Back a Friend Day after conducting an in-depth study on the effect of money on relationships.
National Pay Back a Friend Day: Date, Background, Facts
Bank of America designated October 17 as National Pay Back a Friend Day after conducting an in-depth study on the effect of money on relationships. This study, titled “Friends Again Report,” found that 53 percent of its participants terminated a friendship after lending money to a friend who never repaid them. National Pay Back a Friend Day was established in response to this problem. On October 17, put aside your bitterness, launch your mobile payment apps, and begin repaying your (ex-) friends.
In 2012, Braintree paid $26.2 million to acquire Venmo. Later, PayPal acquired Braintree for $800 million. In 2017, Zelle, a payment app owned by Bank of America, Wells Fargo, and Chase, among others, introduced a person-to-person payment system.
Nearly 80% of Americans believe that owing money to a companion is detrimental to their friendship.
Numerous individuals believe that millennials are the generation least likely to repay an acquaintance.
Nearly half of Americans are prepared to end a friendship for financial reasons.
The average quantity of money claimed to have been loaned to friends and never repaid is $2,092.
| Year | Date | Day |
|---|---|---|
| 2023 | October 17 | Tuesday |
| 2024 | October 17 | Thursday |
| 2025 | October 17 | Friday |
| 2026 | October 17 | Saturday |
| 2027 | October 17 | Sunday |
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