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

Business Delivers Comprehensive selection of Banking approaches to Help Consumers handle Their Financial Lives Carefully and Confidently

Bank of America now introduced Balance Assist, a revolutionary solution that is new 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 may be the latest providing in a comprehensive variety of economic solutions and solutions made to assist customers bank confidently and boost their monetary life.

“Balance Assist may be the latest in a effective pair of clear, easy-to-use approaches to assist our customers budget, save, spend and borrow very very carefully and confidently,” said D. Steve Boland, president of Retail at Bank of America. “People want the ability to accomplish monetary freedom and security, consequently they are searching for easy, clear solutions and advice to greatly help them as you go along.”

Bank of America customers can increase their fitness that is financial by a discount control, trying to build their credit, and enhancing their cost management abilities to some extent through this collection of helpful solutions. Delivered through the company’s award-winning channels that are digital knowledgeable fiscal experts, this collection of safe banking solutions helps satisfy customers’ everyday banking, cost savings and financing requirements, and includes:

  • Balance Assist – Using this new short-term, low-cost loan, Bank of America customers can now borrow as much as $500 (in increments of $100) for a $5 predetermined fee no matter what the amount advanced level for their account. Repayments could be produced in three equal monthly installments more than a period that is 90-day. To find out more, review these product that is additional and eligibility requirements. Borrowers should have been a Bank of America account that is checking for a minumum of one year. Balance Assist is planned to introduce in choose states by January 2021 as well as in staying states year that is early next.
  • SafeBalance – Today, over 2 million consumers utilize this account, which will be made to assist them invest just the cash they usually have available. With SafeBalance, there are not any overdraft costs and also the month-to-month upkeep charge is waived for qualified pupils beneath the chronilogical age of 24 or clients signed up for our favored benefits system. Consumers will make re re payments with a debit card or digitally whenever signed up for Zelle , mobile or online banking.
  • Keep carefully the Change – Introduced in 2005, Keep carefully the Change ended up being the initial system of their type to greatly help consumers build cost savings by immediately depositing change that is spare rounded up debit card transactions right into a checking account. Today, significantly more than 6 million consumers utilize keep consitently the Change. This program has helped clients direct more than $15 billion in excess payday loans Morris Oklahoma change to savings accounts over the last 15 years.
  • Secured Card – This simple and easy credit that is convenient might help consumers establish, strengthen or reconstruct their credit. Customers can use for a merchant account having a safety deposit of $300. With accountable credit behavior, consumers can enhance their credit history and, with time, may qualify to possess their safety deposit came back.
  • Low-cost Home Loans – at the beginning of 2019, Bank of America established its $5 billion Community Homeownership Commitment, that has currently assisted almost 13,000 low- and moderate-income homebuyers achieve homeownership through low advance payment loans and advance payment and closing expense funds.
  • “We continue to build up many different revolutionary approaches to assist our consumers attain solid footing that is financial” said April Schneider, mind of customer and small company goods at Bank of America. “Solutions like Balance Assist, SafeBalance and Secured Card assist offer consumers with economic security, and certainly will hook them up to a road to longer-term monetary health.”

    These solutions and solutions can be found through the Bank that is award-winning of Cellphone Banking application and tend to be sustained by Erica, our electronic associate. These solutions are made to encourage good financial practices, since are extra resources available through Better Money practices , our free monetary training platform that delivers an easy, available solution to link individuals the equipment and training they have to assist assume control of these funds. Since 2013, Better Money behavior content is seen a lot 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 for the world’s leading finance institutions, serving individual customers, little and middle-market organizations and enormous corporations with the full array of banking, spending, asset administration along with other monetary and management that is risk and solutions. The business provides unmatched convenience in the usa, serving around 66 million customer and small company customers with about 4,300 retail monetary centers, including around 3,000 financing facilities, 2,600 economic facilities by having a Consumer Investment Financial Systems Advisor and roughly 2,200 company facilities; roughly 16,900 ATMs; and award-winning electronic banking with around 39 million active users, including about 30 million mobile users. Bank of America is really a international frontrunner in wide range administration, business and investment banking and trading across an extensive selection of asset classes, serving corporations, governments, organizations and people around the globe. Bank of America provides support that is industry-leading around 3 million small company households via a suite of revolutionary, easy-to-use online services and products. The organization acts customers through operations throughout the united states of america, its regions and around 35 nations. Bank of America Corporation stock (NYSE: BAC) is noted on the latest York stock market.

    To get more Bank of America news, including dividend notices as well as other important info, go to the Bank of America newsroom and sign up for news e-mail alerts.