Steve Boland, president out-of Merchandising at Lender of The united states

• Posted on 31/01/2022
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Lender regarding The united states 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 number of economic choices and services designed to help clients bank confidently and improve their financial lives.

“Balance Let ‘s the current from inside the an effective band of clear, easy-to-use answers to help our very own subscribers funds payday loans Washington, cut, invest and acquire meticulously and with full confidence,” said D. “Somebody need the benefit to achieve economic liberty and you may balance, and tend to be seeking effortless, clear selection and recommendations to assist them in the process.”

Financial out-of The united states members increases its monetary physical fitness of the establishing a savings discipline, attempting to make their credit, and you may boosting its cost management knowledge in part through this set of of use solutions

Delivered from the organization’s honor-winning digital streams and you will knowledgeable financial experts, that it gang of secure financial alternatives helps fulfill clients’ casual financial, offers and lending requires, and you may comes with:

• 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 unit details 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™ – Today, more than dos million clients use this account, which is built to help them purchase just the currency it offer. Which have SafeBalance, there aren’t any overdraft fees as well as the monthly repair fee are waived having qualified students according to the chronilogical age of twenty-four otherwise clients enrolled in our very own Popular Rewards system. Subscribers renders payments which have a great debit credit or electronically when enrolled in Zelle ® , mobile or on line financial.
• Hold the Change ® – Lead for the 2005, Hold the Alter was the initial system of their form to help you let readers generate savings of the instantly placing free change from game right up debit credit deals to your a savings account. Now, over six million clients fool around with Contain the Changes. Within the last 15 years, this option provides helped clients head more than $fifteen million excessively switch to offers levels.
• Secured Card – This easy and you will convenient charge card may help members expose, bolster otherwise rebuild their borrowing. Clients can use to own an account with a protection deposit off $300. That have responsible borrowing behavior, customers can also be enhance their credit history and you will, over time, could possibly get meet the requirements getting its protection deposit came back.
• Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Neighborhood Homeownership Connection, 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 always generate several innovative methods to let our readers get to good economic ground,” told you April Schneider, head of Individual and you may Business Affairs within Lender off The united states. “Solutions such Equilibrium Let, SafeBalance and you can Shielded Cards assist render website subscribers which have financial balances, and certainly will wear them a route to longer-term monetary 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 Most useful Currency Habits ® , 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

Lender of America is one of the earth’s best creditors, helping private customers, small and middle-sector businesses and large enterprises that have a full a number of banking, purchasing, investment administration and other monetary and you will risk administration products and services. The organization will bring unrivaled convenience in america, providing up to 66 billion user and you may small business customers which have around cuatro,300 merchandising economic centers, together with just as much as step three,one hundred thousand credit locations, 2,600 monetary centers having a consumer Money Financial Choice Coach and you will everything 2,2 hundred business centers; everything 16,900 ATMs; and you will honor-profitable electronic financial which have around 39 million active users, including whenever 29 million mobile pages. Financial of America is actually an international chief in the wealth government, business and you will funding banking and you can trading across the a general range of house classes, providing enterprises, governments, establishments and individuals around the globe. Financial out-of America offers world-leading help in order to whenever step 3 billion home business property by way of a beneficial suite out of creative, easy-to-play with on the web products. The company provides customers compliment of businesses along the United states, its regions and you will around thirty-five nations. Financial from The united states Firm stock (NYSE: BAC) is actually on the Ny Stock exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Lender regarding The united states newsroom and create development current email address notice.