Financial 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 set of financial selection and services designed to help clients bank confidently and improve their financial lives.

Equilibrium Let is the newest within the a strong number of transparent, easy-to-play with remedies for help our very own customers funds, save yourself, invest and you can borrow meticulously and you can with full confidence, said D. Some body require the benefit to achieve financial independence and stability, and they are seeking to effortless, clear options and you will advice to help them in the process.

Financial away from America members increases the monetary exercise from the installing a cost savings abuse, trying to make its borrowing, and you may boosting the budgeting skills simply by this set of of use alternatives. Lead from the businesses prize-profitable digital avenues and experienced fiscal experts, this band of safe financial possibilities facilitate fulfill clients’ relaxed banking, deals and credit demands, and 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 a lot more device 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 Now, more than dos billion clients make use of this account, which is made to help them invest just the currency they offer. Which have SafeBalance, there aren’t any overdraft fees in addition to monthly repairs fee was waived for eligible people within the age of 24 otherwise subscribers enrolled in our very own Popular Benefits system. Clients can make payments with a beneficial debit cards or electronically whenever subscribed to Zelle , cellular or online banking.
• Support the Alter Produced in the 2005, Keep the Change try the first program of its type so you’re able to help website subscribers create deals by automatically depositing spare move from round up debit card transactions towards a savings account. Now, more than 6 million subscribers use Support the Change. During the last 15 years, this program features helped website subscribers head more $15 mil excessively switch to discounts profile.
• Shielded Credit This simple and you will convenient charge card may help members present, bolster or reconstruct its credit. Subscribers can put on having a free account having a protection deposit regarding $3 hundred. Having responsible credit choices, customers is also enhance their credit history and you can, throughout the years, can get qualify to possess their safeguards deposit returned.
• Affordable Home Loans In early 2019, Bank of America launched its $5 billion Society 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.

I continue steadily to establish many innovative solutions to assist our members reach good economic footing, said April Schneider, lead of Consumer and you will Home business Affairs at the Financial regarding The usa. Options eg Equilibrium Let, SafeBalance and you will Covered Credit let promote readers having monetary balances, and can use them a route to stretched-name financial health.

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

Bank away from The usa is one of the earth’s top loan providers, helping personal users, smaller than average middle-markets enterprises and enormous agencies which have a full range of financial, paying, house administration or any other financial and exposure government services and products. The organization brings unmatched convenience in the united states, serving just as much as 66 million individual and you can small company readers which have everything 4,three hundred retail monetary stores, also around 3,100000 lending locations, dos,600 economic centers with a consumer Resource Economic Choices Coach and you will just as much as 2,200 team stores; just as much as sixteen,900 ATMs; and you will award-successful electronic banking that have around 39 billion effective profiles, and whenever 31 mil cellular profiles. Financial off America is actually a global commander inside wealth government, business and you will investment financial and you may trading all over a broad a number of advantage kinds, providing companies, governments, institutions and other people around the world. Bank of The usa also offers industry-best service to whenever step 3 mil small business homes compliment of good suite out of creative, easy-to-explore online products. The company suits members owing to businesses along the You, their areas and you will just as much as 35 nations. Lender out-of America Firm stock (NYSE: BAC) are listed on the New york Stock-exchange.

This type of choices and you will qualities appear from the honor-successful Bank of payday loans Alabama America Cellular Financial app and therefore are supported by Erica, our very own digital secretary

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