Steve Boland, president from Shopping at the Lender regarding The usa

Bank out-of America 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 group of economic solutions and services designed to help clients bank confidently and improve their financial lives.

“Equilibrium Let is the latest within the a powerful set of transparent, easy-to-have fun with methods to assist our very own customers budget, save your self, spend and you will obtain meticulously and you can with full confidence,” said D. “Some body want the advantage to attain monetary freedom and you may balance, and are generally looking to easy, obvious choices and you may suggestions to enable them to in the act.”

Such choices and you will properties appear from the award-profitable Financial out of America Cellular Financial app and so are backed by Erica, all of our electronic assistant

Financial of The united states members increases its financial physical fitness by installing a cost savings abuse, attempting to make its borrowing from the bank, and improving the budgeting experience simply from this gang of of good use choice. Delivered through the organizations award-effective electronic channels and knowledgeable financial experts, so it group of secure financial alternatives support fulfill clients’ relaxed banking, savings and lending need, and you will 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 more product 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™ – Today, more than dos mil members use this account, that is made to enable them to purchase precisely the money it have available. Having SafeBalance, there are no overdraft charge and monthly restoration commission are waived to own eligible college students according to the age of 24 or readers subscribed to all of our Prominent Benefits program. Subscribers renders costs with a beneficial debit credit or digitally whenever subscribed to Zelle ® , cellular otherwise on the web banking.
  • Contain the Alter ® – Produced from inside the 2005, Keep the Alter are the initial system of the form so you’re able to let members build discounts because of the immediately placing spare move from rounded up debit credit transactions toward a family savings. Today, more six billion members explore Secure the Change. In the last fifteen years, this program has actually aided subscribers direct more than $fifteen billion in excess switch to deals accounts.
  • Shielded Card – This easy and easier charge card might help members expose, bolster or rebuild the borrowing from the bank. Customers can use having an account which have a security deposit of $300. That have responsible borrowing decisions, online payday KS members is enhance their credit score and you may, over time, could possibly get qualify having their shelter put returned.
  • Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Area Homeownership Relationship, 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 steadily to write various creative remedies for let the readers reach strong financial ground,” told you April Schneider, direct regarding User and Small business Facts at the Lender regarding The united states. “Choice like Equilibrium Let, SafeBalance and you can Shielded Card let provide members which have economic balance, and will put them on a route to lengthened-title monetary fitness.”

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

Financial out of America is one of the earth’s top creditors, serving private users, small and center-sector companies and large companies that have the full a number of financial, using, house administration or any other monetary and you can risk administration services and products. The organization provides unrivaled comfort in america, providing approximately 66 billion consumer and you may small company clients that have approximately cuatro,3 hundred merchandising financial stores, and everything step three,one hundred thousand credit centers, dos,600 financial locations that have a consumer Resource Monetary Choice Advisor and up to 2,200 company stores; just as much as 16,900 ATMs; and honor-successful digital financial which have up to 39 mil productive users, also just as much as 31 billion mobile pages. Financial out of The united states are a major international leader within the wide range government, business and you will capital banking and you will trading around the a general range of house classes, serving agencies, governments, associations and other people around the globe. Financial regarding America now offers business-best service to help you as much as step three billion home business house owing to good collection of creative, easy-to-play with on the internet products. The company provides website subscribers because of surgery across the United states, the territories and you can everything thirty-five regions. Lender away from America Business inventory (NYSE: BAC) are on the Nyc Stock exchange.

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