Bank of America increased its pay for hourly workers in the U.S. to $24.

The new rate, announced Tuesday by the North Carolina-based bank, represents a $1-per-hour increase for all full- and part-time hourly Bank of America workers in the U.S. 

Its minimum hourly wage for such roles has been $23 since October of last year.

"What we have found is paying a competitive wage and offering great benefits attracts the best people, and when you have the best people, you can do your best work for our customers, our clients and our communities," Chief Human Resources Officer Sheri Bronstein said. "But we are not just focused on attracting talent – we want to be an all-around great place to work." 

BANK OF AMERICA NO LONGER PREDICTING RECESSION, CEO SAYS

The increase is connected to Bank of America’s years-long initiative to have a $25 minimum hourly wage by 2025.