Steve Boland, chairman out-of Retail within Bank away from The usa

Steve Boland, chairman out-of Retail within Bank away from The usa

Bank regarding 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 number of monetary alternatives and services designed to help clients bank confidently and improve their financial lives.

“Harmony Help ‘s the newest for the a robust group of clear, easy-to-explore approaches to help our customers funds, conserve, spend and you may acquire very carefully and with full confidence,” told you D. “Someone wanted the benefit to reach financial versatility and you will balance, and tend to be looking to easy, clear possibilities and you will advice to assist them to in the act.”

Bank from The united states subscribers can increase the monetary exercise of the creating a discount punishment, trying to make its borrowing from the bank, and improving its budgeting enjoy partly by this set of of use choices. Brought from businesses honor-winning digital channels and experienced financial specialists, it number of safer financial possibilities assists meet clients’ casual financial, coupons and you can credit requires, and you will has:

  • 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 info 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 million customers use this account, that’s made to assist them to purchase only the money they offer. With SafeBalance, there aren’t any overdraft costs and monthly repair commission try waived getting qualified children under the chronilogical age of 24 otherwise customers enrolled in all of our Preferred Rewards system. Customers makes costs with a good debit card otherwise electronically when subscribed to Zelle ® , mobile or on the web financial.
  • Keep the Change ® – Lead inside 2005, Secure the Change was the original program of their type to help you assist clients generate deals from the automatically depositing free go from circular upwards debit credit transactions on a bank account. Now, more than 6 billion website subscribers explore Keep the Changes. In the last 15 years, this method has actually assisted customers lead more than $15 mil excessively change to deals membership.
  • Secure Credit – This simple and you can smoother bank card might help clients expose, reinforce otherwise reconstruct their borrowing from the bank. Customers can apply to have a free account with a protection deposit regarding $three hundred. That have in charge credit behavior, subscribers is also boost their credit rating and you can, through the years, get qualify to possess its safety deposit returned.
  • Affordable Home Loans – In early 2019, Bank of America launched its $5 billion People Homeownership Union, 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.

Such options and you can properties are available through the honor-successful Financial out-of The usa Mobile Banking application and tend to be backed by Erica, all of our electronic assistant

“I always create numerous innovative ways to let all of our website subscribers go good economic footing,” told you April Schneider, head off User and Small company Products at Bank out-of The usa. “Choice such as for instance Balance Assist, SafeBalance and you may Secured Card let offer website subscribers having financial balance, and can use them a path to prolonged-identity financial wellness.”

These solutions are built to encourage good financial habits, as are additional resources available through Better 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

Bank out-of America is amongst the world’s leading financial institutions, providing individual people, smaller than average center-industry organizations and large enterprises that have the full variety of banking, investing, advantage administration or any other economic and you may risk management services. The company brings unrivaled comfort in america, providing just as much as 66 mil user and you can home business website subscribers having just as much as 4,three hundred merchandising financial centers, and additionally everything 3,100000 financing facilities, 2,600 economic stores which have a consumer Money Monetary Options Coach and you will up to 2,200 business stores; whenever 16,900 ATMs; and you can honor-effective electronic banking which have as much as 39 mil energetic pages, along with as much as 29 million mobile users. Bank out-of America is actually a major international chief inside the money administration, business and funding banking and you will exchange all over an over-all a number of investment categories, helping firms, governments, organizations and individuals in the world. Bank from The usa even offers community-top help to help you approximately 3 mil business domiciles courtesy good room of creative, easy-to-fool around with on line products and services. The firm serves customers compliment of procedures across the You, their territories and you may as much as thirty-five nations. Bank out of The united states Company stock (NYSE: BAC) are on the Nyc Stock market.

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