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Bank of America Introduces Balance Assist, a Revolutionary Brand New Short-Term, Low-Cost Loan

Company Delivers Comprehensive selection of Banking approaches to Help customers handle Their Financial Lives Carefully and Confidently

Bank of America now introduced Balance Assist, a revolutionary brand new solution that offers a low-cost method for consumers to control their short-term liquidity requires, borrowing just the quantity they require, as much as $500. Balance Assist could be the offering that is latest in a comprehensive variety of monetary solutions and solutions made to assist customers bank confidently and boost their monetary everyday lives.

“Balance Assist may be the latest in a effective group of clear, easy-to-use approaches to assist our consumers budget, save, spend and borrow very very very carefully and confidently,” said D. Steve Boland, president of Retail at Bank of America. “People want the ability to quickly attain economic freedom and security, and tend to be looking for easy, clear solutions and advice to simply help them as you go along.”

Bank of America consumers can increase their fitness that is financial by a discount control, attempting to build their credit, and increasing their cost management abilities in component through this collection of helpful solutions. Delivered through the company’s award-winning digital stations and knowledgeable financial experts, this group of safe banking solutions helps fulfill customers’ everyday banking, cost cost savings and financing requirements, and includes:

  • Balance Assist – Using this brand brand brand new short-term, low-cost loan, Bank of America customers can now borrow as much as $500 (in increments of $100) for a $5 flat rate whatever the quantity advanced level for their account. Repayments could be produced in three equal monthly payments over a period that is 90-day. For more information, review these product that is additional and eligibility requirements. Borrowers will need to have been a Bank of America bank account customer for one or more 12 months. Balance Assist is planned to introduce in choose states by January 2021 plus in staying states year that is early next.
  • SafeBalance – Today, over 2 million consumers utilize this account, which will be built to assist them invest only the cash they’ve available. With SafeBalance, there aren’t any overdraft charges together with month-to-month upkeep cost is waived for qualified pupils beneath the chronilogical age of 24 or clients signed up for our favored benefits system. Customers could make re payments having a debit card or digitally whenever signed up for Zelle , mobile or online banking.
  • Maintain the Change – Introduced in 2005, Keep consitently the Change ended up being the very first system of the type to assist consumers build cost savings by automatically depositing change that is spare rounded up debit card transactions into a family savings. Today, a lot more than 6 million consumers utilize keep consitently the Change. This program has helped clients direct more than $15 billion in excess change to savings accounts over the last 15 years.
  • Secured Card – This simple and easy credit that is convenient will help consumers establish, strengthen or reconstruct their credit. Consumers can use for a free account with a protection deposit of $300. With accountable credit behavior, consumers can boost their credit rating and, as time passes, may qualify to own their safety deposit returned.
  • Low-cost Home Loans – at the beginning of 2019, Bank of America established its $5 billion Community Homeownership Commitment, that has currently aided almost 13,000 low- and homebuyers that are moderate-income homeownership through low advance payment loans and advance payment and closing expense funds.
  • “We continue to build up many different revolutionary answers to assist our customers achieve solid monetary footing,” said April Schneider, mind of customer and business goods at Bank of America. “Solutions like Balance Assist, SafeBalance and Secured Card assist offer customers with monetary security, and that can hook them up to a road to longer-term monetary health.”

    These solutions and solutions can be obtained through the award-winning Bank of America Cellphone Banking application and generally are supported by Erica, our electronic associate. These solutions are designed to encourage good monetary practices, because are additional resources available through Better Money practices , our free monetary training platform that delivers a straightforward, available method to link visitors to the equipment and training they must assist take over of these funds. Since 2013, Better Money behavior content is seen significantly more than 120 million times.

    Find out about the brand new Balance Assist offering and Bank of America’s comprehensive collection of banking solutions.

    Bank of America

    Bank of America is certainly one of this world’s leading finance institutions, serving specific customers, little and middle-market organizations and big corporations with the full array of banking, spending, asset administration as well as other economic and management that is risk and solutions. The organization provides convenience that is unmatched the usa, serving more or less 66 million customer and business customers with roughly 4,300 retail economic facilities, including roughly 3,000 financing facilities, 2,600 monetary facilities having a Consumer Investment Financial possibilities Advisor and more or less 2,200 company facilities; more or less 16,900 ATMs; and award-winning electronic banking with about 39 million active users, including roughly 30 million mobile users. Bank of America is just a leader that is global wide range administration, business and investment banking and trading across an extensive number of asset classes, serving corporations, governments, organizations and folks across the world. Bank of America provides support that is industry-leading around 3 million small company households through a suite of revolutionary, easy-to-use online services and products. The business serves consumers through operations across the united states of america, its regions and roughly 35 nations. Bank of America Corporation stock (NYSE: BAC) is noted on the brand new York stock market.

    To get more Bank of America news, including dividend notices along with other important info, look at the Bank of America newsroom and sign up for news e-mail alerts.

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