Steve Boland, president out of Retail from the Bank of America

• Posted on 31/01/2022
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Bank from 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 selection of financial alternatives and services designed to help clients bank confidently and improve their financial lives.

“Balance Help ‘s the most recent into the a robust set of clear, easy-to-explore remedies for assist our very own customers budget, rescue, spend and you can obtain carefully and confidently,” told you D. “Anyone require the advantage to reach monetary freedom and you will balances, and are usually looking to easy, obvious options and you will information to help them in the act.”

Bank out-of The united states customers can increase the economic physical fitness from the establishing a discount punishment, trying to generate its borrowing, and you will boosting the cost management experiences to some extent by this band of of good use options. Delivered from organizations honor-winning electronic streams and you can knowledgeable fiscal experts, this group of safe banking selection facilitate satisfy clients’ informal financial, coupons and you will financing need, and you may 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 even more product 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™ – Now, over 2 mil clients use this membership, which is built to assist them to spend precisely the money it offer. Which have SafeBalance, there are no overdraft costs and month-to-month repair commission are https://www.titleloansusa.info/payday-loans-ia/ waived to own qualified youngsters within the ages of twenty-four or members signed up for our very own Popular Perks program. Subscribers helps make repayments that have an effective debit card otherwise digitally whenever signed up for Zelle ® , cellular or online financial.
• Contain the Alter ® – Introduced inside 2005, Keep the Changes are the original system of their kind to let customers make discounts by immediately depositing spare go from round right up debit card deals on a bank account. Today, more six million customers use Support the Change. Over the last fifteen years, this choice provides helped members direct more $15 billion in excess switch to discounts account.
• Shielded Card – This simple and you can smoother charge card may help customers expose, strengthen or reconstruct the credit. Members can use to have a merchant account which have a safety put of $three hundred. With responsible borrowing decisions, members can boost their credit rating and you will, over the years, get qualify to own the shelter deposit returned.
• Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Community Homeownership Partnership, 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.

This type of options and attributes appear through the honor-effective Lender out of The usa Cellular Financial app and therefore are supported by Erica, our digital secretary

“We consistently produce a variety of innovative ways to let the readers get to strong monetary footing,” told you April Schneider, lead of User and you may Business Facts within Lender out of The usa. “Possibilities such Equilibrium Help, SafeBalance and Safeguarded Card help give website subscribers which have monetary balances, and will wear them a route to stretched-title monetary health.”

These solutions are built to encourage good financial habits, as are additional resources available through Most useful Currency Patterns ® , 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 off The united states is one of the earth’s leading creditors, helping personal people, small and center-sector people and enormous organizations that have a complete variety of financial, investing, asset management and other financial and you will risk government services. The organization will bring unmatched comfort in the united states, providing just as much as 66 billion consumer and you will business members with around 4,300 retail economic centers, also just as much as 3,000 lending centers, 2,600 economic facilities having a buyers Investment Economic Options Mentor and you will approximately 2,200 team centers; up to 16,900 ATMs; and you can honor-winning digital financial with everything 39 billion energetic pages, also whenever 31 million cellular users. Bank out of The usa are a global commander during the wealth government, corporate and financial support banking and trading all over a general range of resource kinds, providing firms, governing bodies, institutions and folks around the globe. Lender from The united states even offers world-top help to approximately step three billion business homes owing to an excellent room away from imaginative, easy-to-explore on line services. The business serves subscribers compliment of operations along side You, their territories and you may whenever thirty five countries. Bank away from The united states Corporation inventory (NYSE: BAC) are listed on the New york Stock exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Lender away from America newsroom and sign up for development email notification.