Steve Boland, president of Retail on Lender out of America

Steve Boland, president of Retail on Lender out of America

Financial out-of 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 number of economic selection and services designed to help clients bank confidently and improve their financial lives.

“Balance Assist is the latest in a powerful group of transparent, easy-to-fool around with answers to help our website subscribers budget, save, spend and you can borrow carefully and you may with full confidence,” said D. “People need the benefit to attain financial freedom and you will balances, consequently they are looking to effortless, obvious options and you can pointers to assist them in the act.”

Such choice and you may properties arrive from the honor-effective Bank regarding The usa Cellular Banking software and generally are backed by Erica, our very own digital assistant

Bank out of The usa subscribers increases the economic fitness by the installing a discount discipline, attempting to generate its borrowing, and improving the budgeting experience simply by this selection of helpful choices. Put through the company’s honor-profitable digital streams and you can educated fiscal experts, that it band of safer banking choice helps fulfill clients’ casual banking, coupons and you will lending requires, and comes with:

  • 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 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™ – Today, more 2 million website subscribers utilize this account, that’s built to help them invest just the money they have available. Which have SafeBalance, there are no overdraft costs and also the month-to-month fix payment are waived getting qualified pupils in age 24 or website subscribers signed up for our very own Popular Rewards program. Subscribers makes costs that have a great debit credit or electronically when enrolled in Zelle ® , mobile otherwise online financial.
  • Secure the Changes ® – Brought for the 2005, Support the Transform is the first system of their type so you can let readers create coupons by immediately placing spare go from round upwards debit card transactions into a family savings. Now, more six million website subscribers fool around with Secure the Transform. Over the past fifteen years, this method have helped clients lead more than $15 million in excess change to discounts accounts.
  • Protected Card – This simple and convenient charge card will help customers introduce, reinforce otherwise reconstruct its borrowing. Clients can apply to have a free account that have a security deposit out of $three hundred. Which have responsible borrowing from the bank decisions, clients is boost their credit history and, over time, may meet the requirements having the cover put returned.
  • Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Community 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.

“We continue to develop a number of imaginative solutions to let our subscribers achieve strong financial footing,” told you April Schneider, direct out of User and you can Business Circumstances in the Bank out of The usa. “Selection such Equilibrium Let, SafeBalance and you will Secure Card let promote clients that have financial stability, and can wear them a route to longer-name monetary fitness.”

These solutions are built to encourage good financial habits, as are additional resources available through Most readily useful Currency Activities ® , 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 out-of America is amongst the planet’s leading loan providers, helping individual users, smaller than average middle-market organizations and large providers having a full a number of banking, using, house management or any other monetary and risk administration services and products. The organization will bring unmatched convenience in the usa, serving whenever 66 billion consumer and you may small business clients that have approximately cuatro,three hundred shopping monetary stores, in addition to around 3,000 lending centers, dos,600 economic facilities which have a buyers Money Monetary Selection Mentor and whenever dos,2 hundred company facilities; up to 16,900 ATMs; and you will prize-effective electronic financial which have around 39 billion energetic pages, as well as approximately 31 mil cellular users. Bank of America try a worldwide frontrunner during the wealth administration, business and you may capital banking and you may trading across a general list of house groups, serving companies, governments, associations and people in the world. Bank from The united states also offers world-best support to around step three million small business property as a consequence of a beneficial collection off creative, easy-to-use on the internet services and products. The organization serves customers as a consequence of businesses along side United states, their regions and you can up to thirty five regions. Financial away from The united states Business inventory (NYSE: BAC) is listed on the New york Stock exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Lender off The usa newsroom and sign up for reports current email address notice.

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