The person directing them to the ATM said “B of A”, and the person looking for the ATM heard “bi youv ay”, which they thought was a word they hadn’t heard before. “B of A” = “bi yuv ay” = “biyouvet”.
native english speaker here, I still cannot connect it either.
I had the same trouble. But if you pronounce "biyouvet" like "bee you vay" as you would in French, it sounds like "B of A", for Bank of America.