Steve Boland, president out of Merchandising from the Bank away from The united states

For lots more Lender off The usa development, including dividend notices or any other information, look at the

Bank regarding The united states 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 financial choices and services designed to help payday loans in West Virginia clients bank confidently and improve their financial lives.

“Balance Assist is the latest within the an effective selection of transparent, easy-to-have fun with methods to let the readers budget, save, spend and borrow carefully and you can with full confidence,” told you D. “Someone want the power to reach financial liberty and you may balance, and are seeking effortless, clear alternatives and you may recommendations to assist them to in the act.”

Lender off The usa clients can increase its financial exercise by establishing a cost savings discipline, working to create the credit, and improving their budgeting experience simply by this gang of useful alternatives. Brought through the business’s award-profitable electronic channels and you can experienced financial specialists, so it number of safer banking possibilities helps fulfill clients’ casual financial, discounts and you may financing requires, and you may 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 additional equipment 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, over dos billion clients utilize this membership, which is designed to enable them to invest precisely the currency it offer. Which have SafeBalance, there are no overdraft costs while the monthly repairs payment was waived for qualified children in period of 24 otherwise clients enrolled in all of our Well-known Benefits program. Members can make costs that have an effective debit cards otherwise electronically whenever signed up for Zelle ® , cellular otherwise online financial.
  • Support the Alter ® – Lead when you look at the 2005, Hold the Changes is actually the original program of the type in order to assist customers build discounts because of the immediately transferring free go from game upwards debit cards purchases towards a savings account. Today, more than six mil subscribers have fun with Secure the Alter. In the last 15 years, this choice have aided members lead more than $fifteen million in excess change to offers profile.
  • Safeguarded Credit – This simple and you can simpler charge card might help readers present, strengthen otherwise reconstruct the credit. Subscribers can apply having an account having a security deposit out of $300. Which have responsible borrowing from the bank decisions, customers can be improve their credit rating and you may, over time, will get qualify to own the protection deposit returned.
  • Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Neighborhood 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 establish a variety of imaginative ways to assist our very own customers go solid financial ground,” told you April Schneider, lead off User and you will Small business Points in the Bank regarding America. “Selection particularly Equilibrium Assist, SafeBalance and you can Secured Card assist render website subscribers which have economic stability, and certainly will wear them an approach to stretched-label monetary 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 Finest Currency 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

Financial away from The usa is just one of the planet’s top financial institutions, helping individual consumers, small and middle-markets people and large agencies with the full range of banking, spending, house government or other economic and you can chance management products. The organization will bring unmatched convenience in the usa, providing as much as 66 million individual and you will business website subscribers with everything 4,300 shopping financial locations, and additionally everything step 3,one hundred thousand credit facilities, dos,600 monetary facilities having a customer Money Economic Options Advisor and up to 2,200 team locations; whenever 16,900 ATMs; and you may honor-successful digital banking with as much as 39 mil effective users, and additionally approximately 29 mil cellular profiles. Financial from The usa is actually a worldwide chief during the wealth government, business and financial support financial and exchange across a standard a number of resource groups, providing businesses, governments, organizations and folks all over the world. Financial regarding The united states has the benefit of globe-leading help to everything step three billion small company houses because of a great suite regarding imaginative, easy-to-explore online services and products. The company provides members through procedures over the Us, its areas and just as much as 35 nations. Lender off The united states Organization stock (NYSE: BAC) was on the Ny Stock exchange.