The mission at Bank of America starts with getting consumers to open up checking accounts, and then providing services — such as robust mobile banking — to keep them engaged, Chairman and CEO Brian Moynihan told CNBC on Friday.
Responding to a question about the fake account scandal at Wells Fargo, Moynihan said, "Instead of trying to sell an additional account, we drive ... the core account."
"Get the basic checking account for a mass-market consumer and do it well," he told "Squawk Alley."
Last month, Wells Fargo agreed to pay regulators $185 million in fines to settle charges that employees looking to meet sales targets and boost their bonuses opened up fee-generating accounts for customers who never asked for them.
The fallout has been swift — with Wells Fargo Chairman and CEO John Stumpf being grilled before two committees on Capitol Hill, while forfeiting $41 million in unvested equity and forgoing his salary during an independent investigation by the board.
Shares of Wells Fargo were changing hands near $45 in late trading Friday, compared with a 52-week high just north of $56.
Moynihan told "Squawk Alley" that he knows what it's like to be in the hot seat, because of what he went through with the Countrywide Financial debacle after the U.S. mortgage crisis.
BofA ended up reaching a $16.65 billion settlement over that situation with regulators in 2014.
Coming out of the 2008 financial crisis, Moynihan said it was imperative for the bank to "drive responsible growth," doing it the right way and making it sustainable.