Steve Boland, chairman out of Retail on Financial of The usa

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February 1, 2022

Steve Boland, chairman out of Retail on Financial of The usa

Bank away from America today introduced Balance Assist™, a revolutionary new solution that provides a low-cost way for clients to manage their short-term liquidity needs, borrowing only the amount they need, up to $500. Balance Assist is the latest offering in a comprehensive band of financial solutions and services designed to help clients bank confidently and improve their financial lives.

For much more Financial out-of America reports, and bonus notices and other important info, go to the

“Equilibrium Let ‘s the current inside the a powerful selection of transparent, easy-to-use remedies for help our clients budget, save yourself, invest and obtain very carefully and you will confidently,” said D. “Some one wanted the benefit to get to economic freedom and you may balance, and they are trying to easy, obvious alternatives and you can advice to assist them to in the act.”

Bank out-of The united states customers increases their economic fitness by the setting up a savings discipline, working to build their borrowing, and you may improving their cost management knowledge partly through this band of beneficial alternatives. Produced from company’s prize-effective digital channels and you can experienced financial specialists, this set of safe banking alternatives facilitate fulfill clients’ casual financial, savings and you can credit need, and you will includes:

  • Balance Assist – With this new short-term, low-cost loan, Bank of America clients can now borrow up to $500 (in increments of $100) for a $5 flat fee regardless of the amount advanced to their account. Repayments would be made in three equal monthly installments over a 90-day period. To learn more, review these more tool facts and eligibility criteria. Borrowers must have been a Bank of America checking account client for at least one year. Balance Assist is scheduled to launch in select states by and in remaining states early next year.
  • SafeBalance™ – Now, more than dos mil website subscribers use this account, which is designed to enable them to spend only the currency it supply. Having SafeBalance, there are no overdraft costs in addition to monthly fix percentage is waived to own eligible youngsters underneath the ages of twenty-four otherwise clients subscribed to all of our Prominent Rewards system. Subscribers makes money that have a debit cards or digitally whenever subscribed to Zelle ® , mobile or on line financial.
  • Contain the Alter ® – Brought within the 2005, Contain the Changes is actually the first program of the type so you’re able to help clients create coupons from the automatically deposit spare move from round right up debit credit deals into a savings account. Now, more six billion subscribers play with Keep the Change. In the last 15 years, this method enjoys aided subscribers head more than $fifteen million excessively change to coupons membership.
  • Shielded Credit – This simple and simpler credit card will help customers present, reinforce otherwise reconstruct its borrowing from the bank. Members can use having a free account that have a safety put off $three hundred. With in charge credit choices, clients can also be boost their credit history and you can, through the years, could possibly get qualify having its shelter put came back.
  • Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Society Homeownership Commitment, which has already helped nearly 13,000 low- and moderate-income homebuyers achieve homeownership through low down payment loans and down payment and closing cost grants.

“I continue to establish multiple innovative methods to help our customers go good economic ground,” told you April Schneider, direct of User and Small company Situations on Lender out-of The united states. “Choices instance Equilibrium Assist, SafeBalance and you can Shielded Credit help provide subscribers which have monetary balances, and can use them an approach to expanded-label economic wellness.”

These solutions and services are available through the award-winning Bank of America Mobile Banking app and are supported by Erica, our digital assistant. These solutions are built to encourage good financial habits, as are additional resources available through Top Money Models ® , our free financial education platform that provides a simple, accessible way to connect people to the tools and education they need to help take control of their finances. Since 2013, Better Money Habits content has been viewed more than 120 million times.

Bank of America

Bank out-of America is one of the earth’s top loan providers, providing individual users, smaller than average middle-business businesses and enormous providers having a full listing of financial, purchasing, advantage government and other monetary and you will exposure administration products and services. The company brings unrivaled comfort in the united states, serving approximately 66 billion consumer and small business members that have whenever 4,three hundred retail financial stores, and additionally approximately step three,100 financing centers, 2,600 monetary locations that have a consumer Capital Economic Selection Mentor and you will just as much as 2,2 hundred company centers; as much as 16,900 ATMs; and you will prize-successful digital financial with approximately 39 million productive users, and as much as 29 mil cellular profiles. Lender from The united states try a worldwide chief inside the riches management, corporate and money banking and you will change around the payday loans New Mexico a broad selection of asset categories, serving companies, governing bodies, institutions and people around the globe. Lender off The united states also provides community-best assistance to around 3 mil small company households as a result of a great room off creative, easy-to-use online services. The company caters to website subscribers as a consequence of procedures along side All of us, its territories and you may around 35 places. Financial of America Business inventory (NYSE: BAC) is actually on the New york Stock exchange.

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