Steve Boland, president off Merchandising at the Lender out of America

Lender 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 group of economic selection and services designed to help clients bank confidently and improve their financial lives.

“Equilibrium Assist ‘s the newest inside a powerful gang of clear, easy-to-explore approaches to help the members finances, cut, invest and you may borrow very carefully and you will confidently,” told you D. “People wanted the advantage to achieve monetary liberty and you may balance, and are also seeking to easy, clear possibilities and you will guidance to enable them to in the act.”

Bank from America readers increases its economic fitness of the setting-up a savings discipline, trying to create its credit, and you will boosting its budgeting event simply by this number of of use possibilities

Put through the organizations honor-profitable digital avenues and you will experienced financial experts, so it set of secure financial choice assists see clients’ informal banking, deals and lending means, 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 product 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 dos billion members make use of this membership, that’s designed to help them spend only the money it have available. That have SafeBalance, there are no overdraft fees plus the month-to-month fix fee try waived to own qualified pupils beneath the age twenty-four otherwise clients signed up for our Popular Benefits system. Subscribers helps make payments that have an excellent debit cards or digitally when subscribed to Zelle ® , mobile otherwise online financial.
• Secure the Change ® – Put inside the 2005, Support the Alter is actually the initial program of the form in order to assist customers generate discounts of the immediately placing free move from round right up debit card transactions into a bank account. Today, more than six billion website subscribers explore Hold the Alter. Within the last 15 years, this program enjoys aided website subscribers head more than $15 mil excessively switch to savings levels.
• Secured Cards – This simple and you may easier bank card will help members establish, reinforce otherwise rebuild its borrowing. Website subscribers can use for an account which have a security deposit from $three hundred. That have responsible borrowing choices, readers can also be improve their credit rating and you may, over time, can get be considered getting its security put came back.
• Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Society 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.

“We continue steadily to write different imaginative methods to assist our readers get to strong monetary ground,” told you April Schneider, head out of Individual and you can Business Affairs within Bank away from The usa. “Alternatives for example Harmony Help, SafeBalance and you will Protected Cards let render readers with financial stability, and will use them an approach to prolonged-term economic 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 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

Bank of America is among the planet’s top loan providers, offering personal consumers, smaller than average middle-market organizations and large providers with a full selection of financial, investing, house administration or any other economic and you may chance management products and services. The firm brings unmatched benefits in the united states, providing just as much as 66 million individual and you can small company subscribers that have around 4,3 hundred shopping financial facilities, including just as much as 3,100000 lending facilities, 2,600 economic centers which have a customers Resource Monetary Alternatives Coach and you will as much as dos,200 business stores; whenever sixteen,900 ATMs; and award-successful digital banking which have just as much as 39 mil productive users payday advance Ulen Ulen, along with everything 31 mil cellular users. Lender from The united states is actually a major international leader inside the wide range management, business and resource financial and you will trading across a standard a number of house classes, providing enterprises, governing bodies, institutions and folks internationally. Financial from The united states even offers world-best help in order to as much as step 3 million small company house by way of a beneficial collection regarding creative, easy-to-fool around with on the internet services. The business serves clients thanks to businesses along the You, their areas and you will up to 35 nations. Bank out of The united states Enterprise inventory (NYSE: BAC) is actually listed on the New york Stock market.

For more Bank of America news, including dividend announcements and other important information, visit the Financial of The usa newsroom and sign up for development email notice.