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

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

Business Delivers Comprehensive selection of Banking answers to assist customers Manage Their Financial Lives Carefully and Confidently

Bank of America now introduced Balance Assist, a revolutionary new solution that provides a low-cost method for consumers to handle their short-term liquidity requires, borrowing just the quantity they require, as much as $500. Balance Assist could be the latest providing in a comprehensive collection of monetary solutions and solutions made to assist customers bank confidently and enhance their economic life.

“Balance Assist may be the latest in a set that is powerful of, easy-to-use answers to assist our consumers budget, save, spend and borrow very very carefully and confidently,” said D. Steve Boland, president of Retail at Bank of America. “People want the energy to quickly attain economic freedom and security, and they are searching for easy, clear solutions and advice to assist them to as you go along.”

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

  • Balance Assist – Using this 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 no matter what the quantity advanced level with their account. Repayments could be manufactured in three equal equal 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 account that is checking for one or more 12 months. Balance Assist is planned to introduce in select states by January 2021 as well as in staying states early the following year.
  • SafeBalance – Today, over 2 million customers make use of this account, which can be made to assist them invest just the cash they will have available. With SafeBalance, there aren’t any overdraft costs together with month-to-month upkeep charge is waived for qualified pupils underneath the chronilogical age of 24 or clients signed up for our favored benefits system. Customers will make re payments having a debit card or digitally when signed up for Zelle , mobile or online banking.
  • Keep consitently the Change – Introduced in 2005, Maintain the Change had been the initial program of the type to aid customers build cost savings by immediately depositing change that is spare rounded up debit card transactions as a family savings. Today, a lot more than 6 million customers utilize keep carefully 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. Customers can use for a free account with a safety deposit of $300. With accountable credit behavior, customers can boost their credit rating and, with time, may qualify to possess their safety deposit came back.
  • Low-cost Home Loans – during the early 2019, Bank of America established its $5 billion Community Homeownership Commitment, which includes currently aided almost 13,000 low- and homebuyers that are moderate-income homeownership through low advance payment loans and advance payment and closing price funds.
  • “We continue to produce a number of revolutionary methods 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 may hook them up to a way to longer-term economic health.”

    These solutions and solutions can be found through the award-winning Bank of America mobile phone Banking application consequently they are supported by Erica, our electronic assistant. These solutions are made to encourage good monetary practices, since are extra resources available through Better Money practices , our free economic training platform providing you with an easy, available solution to link visitors to the various tools and training they have to assist take over of these funds. Since 2013, Better Money behavior content is viewed significantly more than 120 million times.

    Find out about the Balance that is new Assist 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, tiny and middle-market organizations and enormous corporations with the full array of banking, spending, asset administration as well as other monetary and risk management services and products and solutions. The business provides unmatched convenience in the usa, serving about 66 million customer and business customers with about 4,300 retail economic facilities, including roughly 3,000 financing facilities, 2,600 monetary facilities with a Consumer Investment Financial Systems Advisor and about 2,200 company facilities; around 16,900 ATMs; and award-winning electronic banking with roughly 39 million active users, including around 30 million mobile users. Bank of America is a leader that is global wide range administration, business and investment banking and trading across an extensive array of asset classes, serving corporations, governments, institutions and folks all over the world. Bank of America provides industry-leading help to about 3 million small company households by way of a suite of revolutionary, easy-to-use online services and products. The business acts customers through operations throughout the united states of america, its regions and roughly payday loans Valparaiso NE 35 nations. Bank of America Corporation stock (NYSE: BAC) is noted on the latest York stock market.

    For lots more Bank of America news, including dividend notices as well as other information, go to the Bank of America newsroom and sign up for news e-mail alerts.