Bank of America Introduces Balance Assist, a Revolutionary New Short-Term, Low-Cost Loan
08 Ottobre 2020 - 02:00PM
Business Wire
Company Delivers Comprehensive Choice of
Banking Solutions to Help Clients Manage Their Financial Lives
Carefully and Confidently
Bank of 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 selection of financial solutions and services
designed to help clients bank confidently and improve their
financial lives.
“Balance Assist is the latest in a powerful set of transparent,
easy-to-use solutions to help our clients budget, save, spend and
borrow carefully and confidently,” said D. Steve Boland, president
of Retail at Bank of America. “People want the power to achieve
financial freedom and stability, and are seeking simple, clear
solutions and advice to help them along the way.”
Bank of America clients can increase their financial fitness by
establishing a savings discipline, working to build their credit,
and improving their budgeting skills in part through this selection
of helpful solutions. Delivered through the company’s award-winning
digital channels and knowledgeable financial specialists, this set
of banking solutions helps meet clients’ everyday banking, savings
and lending needs, and 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 product 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 January 2021 and in remaining states early next
year.
- Bank of America Advantage SafeBalance Banking® – Today,
over 2 million clients use this account, which is designed to help
them spend only the money they have available. With Advantage
SafeBalance Banking there are no overdraft fees and the monthly
maintenance fee is waived for eligible students under the age of 24
or clients enrolled in our Preferred Rewards program. Clients can
make payments with a debit card or digitally when enrolled in
Zelle®, mobile or online banking.
- Keep the Change® – Introduced in 2005, Keep the Change
was the first program of its kind to help clients build savings by
automatically depositing spare change from rounded up debit card
transactions into a savings account. Today, more than 6 million
clients use Keep the Change. Over the last 15 years, this program
has helped clients direct more than $15 billion in excess change to
savings accounts.
- Secured Card – This simple and convenient credit card
can help clients establish, strengthen or rebuild their credit.
Clients can apply for an account with a security deposit of $300.
With responsible credit behavior, clients can improve their credit
score and, over time, may qualify to have their security deposit
returned.
- Affordable Home Loans – In early 2019, Bank of America
launched its $5 billion Community Homeownership Commitment, 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 variety of innovative solutions to
help our clients achieve solid financial footing,” said April
Schneider, head of Consumer and Small Business Products at Bank of
America. “Solutions like Balance Assist, SafeBalance and Secured
Card help provide clients with financial stability, and can put
them on a path to longer-term financial wellness.”
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 Better Money Habits®, 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.
Learn more about the new Balance Assist offering and Bank of
America’s comprehensive selection of banking solutions.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 3,000
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and approximately 2,200 business
centers; approximately 16,900 ATMs; and award-winning digital
banking with approximately 39 million active users, including
approximately 30 million mobile users. Bank of America is a global
leader in wealth management, corporate and investment banking and
trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 3 million small business households through a suite
of innovative, easy-to-use online products and services. The
company serves clients through operations across the United States,
its territories and approximately 35 countries. Bank of America
Corporation stock (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 Bank of America newsroom
and register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20201008005344/en/
Reporters may contact: Don Vecchiarello, Bank of America Phone:
770.361.2573 don.vecchiarello@bofa.com
Susan Atran, Bank of America Phone: 917.861.6882
susan.atran@bofa.com
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