Steve Boland, chairman of Retail in the Bank regarding The usa

Lender off The usa 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 monetary solutions and services designed to help clients bank confidently and improve their financial lives.

“Balance Let is the current in the a robust band of transparent, easy-to-use remedies for assist our customers funds, rescue, invest and you will acquire carefully and you can confidently,” said D. “Some body wanted the advantage to get to monetary freedom and you may balances, and are generally trying to effortless, obvious choice and you may suggestions to assist them to along the way.”

Financial from America readers increases the financial physical fitness because of the creating a cost savings abuse, trying to create their borrowing, and you can boosting its budgeting experience to some extent from this gang of helpful alternatives

Put through the organization’s honor-effective electronic avenues and you can experienced fiscal experts, so it set of secure financial alternatives assists fulfill clients’ everyday banking, discounts and you can financing needs, 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 even more tool 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 2 mil clients use this account, which is built to enable them to invest precisely the currency it offer. With SafeBalance, there are not any overdraft charge while the monthly repairs percentage is actually waived to have qualified youngsters beneath the period of twenty four or subscribers enrolled in our Prominent Rewards program. Members produces repayments that have a beneficial debit credit or electronically when signed up for Zelle ® , cellular otherwise on line financial.
• Support the Changes ® – Introduced inside 2005, Hold the Changes try the initial system of their type to help you assist customers make deals by instantly transferring free go from round up debit card transactions to the a bank account. Now, more six million clients explore Support the Changes. Over the past fifteen years, this program possess aided members direct more than $15 billion excessively switch to deals levels.
• Protected Card – This simple and you can simpler charge card will help website subscribers expose, reinforce or reconstruct their credit. Clients can use for a free account that have a safety deposit away from $3 hundred. Having responsible borrowing choices, clients normally boost their credit rating and, through the years, can get be considered to possess the shelter deposit returned.
• Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Area 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.

“We consistently develop many different innovative answers to let all of our members get to solid economic ground,” said April Schneider, head of User and you can Home business Circumstances on Bank off The usa. “Possibilities including Balance Help, SafeBalance and Covered Cards help give website subscribers with financial balance, and certainly will use them a route to stretched-term economic fitness.”

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 Money Designs ® , 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 The usa is just one of the world’s top financial institutions, helping private users, small and center-field organizations and enormous providers which have a full a number of banking, purchasing, resource administration or other economic and you may exposure administration products and services. The organization brings unmatched convenience in the united states, offering around 66 billion individual and you will home business customers which have everything cuatro,3 hundred shopping monetary stores, and approximately step 3,100000 credit facilities, dos,600 monetary locations that have a customer Capital Economic Solutions Advisor and you can around dos,two hundred organization locations; around 16,900 ATMs; and you will honor-successful electronic banking which have whenever 39 billion productive pages, and whenever 31 million cellular users. Bank off America try a global commander in money government, corporate and you may financial support financial and you may change across new online payday loans Agoura Hills a standard set of house categories, providing organizations, governing bodies, organizations and other people internationally. Financial out-of The usa even offers world-leading assistance to help you as much as 3 million home business home compliment of a good collection out of innovative, easy-to-explore online products. The company suits customers thanks to functions across the All of us, their regions and you may up to 35 places. Financial regarding The united states Business stock (NYSE: BAC) was listed on the New york Stock market.

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