Steve Boland, president out-of Retail at Lender of The usa

Lender off America today introduced Balance Assist™, a revolutionary new quick payday loan Massachusetts 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 alternatives and services designed to help clients bank confidently and improve their financial lives.

“Equilibrium Help is the newest inside the an effective band of transparent, easy-to-use ways to let our very own members funds, conserve, purchase and you can borrow very carefully and you may confidently,” told you D. “Anybody want the power to attain financial independence and balance, and therefore are trying simple, clear choices and information to help them in the act.”

Financial out-of The usa members increases their monetary fitness by the setting-up a cost savings abuse, trying to make its borrowing, and you can improving their cost management skills simply by this number of of good use possibilities

Put from the company’s award-successful digital avenues and you will knowledgeable fiscal experts, that it group of safe financial selection assists meet clients’ everyday banking, savings and you may financing demands, and you can boasts:

• 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 extra device information 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 2 mil members use this membership, which is designed to help them spend just the currency it have available. Which have SafeBalance, there are no overdraft charge plus the month-to-month repairs fee is actually waived having eligible college students in chronilogical age of 24 or readers enrolled in our Well-known Benefits program. Subscribers can make costs having an excellent debit card or electronically whenever enrolled in Zelle ® , mobile or on the web banking.
• Keep the Alter ® – Brought for the 2005, Support the Transform is the first program of its kind so you can help subscribers make coupons by the immediately transferring spare go from game up debit cards transactions toward a savings account. Now, more 6 million members use Contain the Change. Within the last fifteen years, this choice has actually aided clients lead more $fifteen billion in excess switch to deals membership.
• Covered Cards – This simple and you may easier credit card can help subscribers establish, strengthen otherwise rebuild the borrowing from the bank. Subscribers can put on to have a merchant account having a protection put away from $300. That have responsible borrowing from the bank decisions, members can also be improve their credit score and you may, over the years, get qualify having its safety put 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.

“We still make a number of innovative answers to assist our very own members go solid financial footing,” told you April Schneider, lead out of Individual and you will Small business Affairs at Lender of The usa. “Possibilities for example Balance Help, SafeBalance and Shielded Cards let bring members which have financial balances, and will put them on an approach to longer-label monetary health.”

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 Finest Money 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 off America is amongst the world’s leading financial institutions, providing individual customers, small and middle-field companies and large companies with a complete directory of financial, expenses, house government or other economic and you may risk administration services and products. The organization brings unrivaled convenience in america, helping approximately 66 mil individual and you will home business members which have as much as cuatro,3 hundred retail financial stores, along with around step 3,000 lending centers, 2,600 economic locations having a consumer Resource Monetary Choices Advisor and around dos,200 providers locations; approximately 16,900 ATMs; and you will honor-successful electronic banking with whenever 39 billion energetic profiles, and everything 31 billion mobile pages. Lender away from America are a worldwide frontrunner into the riches administration, corporate and you will financing banking and you will trading across the a broad range of asset groups, offering businesses, governing bodies, institutions and folks globally. Lender regarding The united states has the benefit of community-top help in order to everything step 3 million business domiciles because of a great package off creative, easy-to-have fun with on the internet products and services. The firm provides website subscribers thanks to surgery over the Us, its territories and you will approximately thirty-five nations. Lender out-of America Corporation inventory (NYSE: BAC) is on the Ny Stock market.

For more Bank of America news, including dividend announcements and other important information, visit the Financial from The united states newsroom and create reports email address notification.