Steve Boland, chairman out-of Merchandising during the Financial out-of America

Financial off 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 band of economic alternatives and services designed to help clients bank confidently and improve their financial lives.

“Harmony Assist ‘s the newest in the a robust selection of transparent, easy-to-fool around with remedies for let the website subscribers funds, help save, spend and you may borrow very carefully and with confidence,” said D. “Someone require the benefit to reach economic liberty and you may stability, and are also seeking simple, obvious solutions and you can information to help them in the process.”

Bank regarding America members can increase their financial fitness from the starting a savings punishment, attempting to generate their credit, and you can improving the cost management experience simply by this selection of useful alternatives. Introduced from company’s honor-profitable digital channels and experienced fiscal experts, that it gang of safe financial selection support see clients’ informal banking, offers and you may lending means, and you can has:

These types of solutions and you may functions are available through the award-profitable Lender away from The usa Cellular Financial software and are supported by Erica, all of our electronic assistant

• Balance Assist – With this new short-term, low-cost loan, Bank of America clients can now borrow up to $500 (in increments Tennessee payday loans Collinsville TN 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 a lot more equipment information 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 billion clients make use of this account, which is designed to help them purchase only the money they supply. Having SafeBalance, there are no overdraft costs together with monthly maintenance percentage are waived to have eligible children beneath the ages of twenty-four or subscribers enrolled in our Common Rewards program. Subscribers tends to make payments with an effective debit credit or electronically whenever signed up for Zelle ® , cellular or on the internet financial.
• Support the Alter ® – Delivered from inside the 2005, Keep the Alter was the original system of the form in order to let readers build discounts by the instantly placing free move from rounded up debit cards deals on a bank account. Today, over 6 mil website subscribers play with Hold the Changes. During the last 15 years, this method have helped subscribers direct more than $15 billion in excess change to discounts accounts.
• Secured Card – This simple and you will convenient credit card can help subscribers introduce, reinforce otherwise rebuild their borrowing. Website subscribers can put on for a merchant account with a protection deposit out of $3 hundred. Which have responsible borrowing from the bank behavior, members is also boost their credit rating and you can, over the years, will get meet the requirements to have their defense deposit returned.
• Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Society 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.

“I continue to generate a variety of imaginative remedies for assist our members get to solid economic footing,” said April Schneider, lead out of Consumer and Business Affairs on Bank of America. “Selection such Equilibrium Let, SafeBalance and you will Secured Card let give customers having monetary balances, and certainly will wear them an approach to longer-title monetary fitness.”

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

Financial regarding The united states is just one of the planet’s leading loan providers, providing private people, small and middle-market companies and enormous providers which have the full directory of banking, using, advantage management or other economic and you may chance administration services. The business brings unmatched convenience in the us, providing as much as 66 mil individual and you may home business website subscribers with as much as cuatro,300 shopping monetary stores, also up to step 3,100 financing centers, 2,600 financial facilities which have a customer Capital Financial Options Advisor and you may as much as dos,2 hundred organization facilities; approximately 16,900 ATMs; and you may honor-effective electronic financial with around 39 mil productive pages, also as much as 31 million mobile pages. Bank away from The united states are a global commander within the wide range government, business and you may funding banking and you can change around the an over-all list of investment classes, providing agencies, governing bodies, organizations and other people internationally. Lender off The usa has the benefit of world-top service in order to just as much as step 3 mil home business home thanks to good package regarding creative, easy-to-play with online products. The business provides website subscribers through procedures over the All of us, the areas and you may whenever thirty-five places. Bank of The united states Enterprise inventory (NYSE: BAC) is listed on the Ny Stock-exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank from The united states newsroom and register for reports email notification.