Steve Boland, chairman from Retail in the Bank of The united states

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 economic alternatives and services designed to help clients bank confidently and improve their financial lives.

Balance Help is the current inside the a strong band of clear, easy-to-play with ways to help our website subscribers funds, save your self, invest and you may obtain carefully and you can with full confidence, told you D. Some one want the advantage to attain monetary freedom and you will stability, and are trying effortless, clear possibilities and you will recommendations to enable them to in the act.

Lender off America clients increases its financial fitness of the establishing an economy punishment, working to create its borrowing from the bank, and you may improving their budgeting experiences partly from this number of of use possibilities. Brought from the organizations award-effective electronic channels and experienced financial specialists, that it band of safe banking alternatives assists see clients’ everyday banking, discounts and credit means, 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 more equipment facts 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 dos million website subscribers make use of this membership, which is made to enable them to invest precisely the money it have available. Having SafeBalance, there are not any overdraft fees as well as the monthly repairs fee are waived to have eligible pupils within the age of 24 otherwise clients subscribed to our Prominent Rewards system. Members renders repayments with a good debit cards otherwise electronically when subscribed to Zelle , cellular or on the internet financial.
  • Secure the Alter Put within the 2005, Secure the Changes is actually the original system of their type so you’re able to help website subscribers create offers from the instantly transferring spare change from game upwards debit cards transactions to your a checking account. Now, more six billion members fool around with Secure the Changes. Over the past fifteen years, this option provides aided website subscribers lead more $15 mil in excess switch to coupons accounts.
  • Secured Credit This simple and smoother charge card might help website subscribers present, reinforce or rebuild the borrowing. Members can apply to own a merchant account with a security put out-of $300. Which have responsible borrowing decisions, members can be enhance their credit score and you can, over time, can get qualify to have its defense deposit returned.
  • Affordable Home Loans In early 2019, Bank of America launched its $5 billion Community 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 continue to write numerous innovative remedies for assist our customers go good monetary footing, said April Schneider, head out-of User and you can Small business Factors in the Financial from The united states. Alternatives such as for example Harmony Help, SafeBalance and you may Protected Card assist promote readers with economic stability, and will wear them a route to stretched-label financial health.

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

lending personal loans

Bank off The usa is among the earth’s top creditors, providing individual customers, small and middle-business enterprises and large businesses which have a complete listing of financial, using, asset administration or any other financial and exposure management products. The firm will bring unmatched convenience in the united states, serving approximately 66 billion individual and you will business members having up to 4,three hundred shopping financial stores, plus up to step three,000 lending centers, dos,600 monetary stores having a customer Funding Financial Options Coach and you may everything dos,200 company stores; just as much as sixteen,900 ATMs; and you may award-winning electronic financial having just as much as 39 million active pages, and whenever 29 million mobile pages. Lender regarding The usa is a worldwide chief inside the riches administration, corporate and you may resource financial and you will exchange around the a general set of house classes, helping organizations, governments, institutions and people globally. Bank away from America offers business-top support to whenever step 3 billion small company properties as a result of an effective package off creative, easy-to-have fun with on the internet products and services. The organization provides website subscribers courtesy operations along the You, their territories and you will as much as thirty-five nations. Bank out-of The united states Agency inventory (NYSE: BAC) is actually on the Ny Stock market.

These types of choice and you may properties appear from honor-winning Bank regarding The united states Mobile Financial software and generally are backed by Erica, our very own digital secretary

For more Bank of America news, including dividend announcements and other important information, visit the Financial regarding America newsroom and sign up for reports email address notification.


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