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

Business Delivers Comprehensive selection of Banking answers to assist 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 means for consumers to handle 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 consumers bank confidently and enhance their monetary everyday lives.

“Balance Assist could be the latest in a set that is powerful of, 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 energy to realize freedom that is financial 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 economic physical fitness by establishing a discount control, trying to build their credit, and increasing their cost management abilities to some extent through this choice of helpful solutions. Delivered through the company’s award-winning digital networks and knowledgeable fiscal experts, this pair of safe banking solutions helps satisfy customers’ everyday banking, cost cost cost savings and financing requirements, and includes:

Balance Assist – Using this brand new short-term, low-cost loan, Bank of America consumers can now borrow as much as $500 (in increments of $100) for a $5 flat rate no matter what the quantity advanced level for their account. Repayments could be manufactured in three equal equal payments over a period that is 90-day. To find out more, review these product that is additional and eligibility requirements. Borrowers will need to have been a Bank of America account that is checking for a minumum of one 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 clients make use of this account, that is made to assist them spend just the cash they will have available. With SafeBalance, there are not any overdraft costs additionally the 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 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 had been the initial system of the type to aid customers build cost cost cost savings by immediately depositing change that is spare rounded up debit card transactions right into a family savings. Today payday loans Darlington WI, a lot more than 6 million customers utilize keep consitently the Change. Over the past 15 years, the program has helped clients direct a lot more than $15 billion excessively modification to cost savings accounts.

Secured Card – This simple and easy credit that is convenient might help consumers establish, strengthen or reconstruct their credit. Consumers can use for a merchant account by having a protection deposit of $300. With accountable credit behavior, consumers can enhance their credit history and, with time, may qualify to possess their protection 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 aided almost 13,000 low- and moderate-income homebuyers achieve homeownership through low advance payment loans and advance payment and closing price funds.

“We continue to build up a number of revolutionary answers to assist our customers 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 will wear them a way to longer-term economic health.”

These solutions and solutions can be found through the Bank that is award-winning of Cellphone Banking software as they are sustained by Erica, our electronic associate. These solutions are made to encourage good monetary habits, because are extra resources available through Better Money practices , our free monetary training platform that delivers an easy, available method to link visitors to the various tools and training they have to assist take close control of the funds. Since 2013, Better Money behavior content is seen significantly more than 120 million times.

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

Bank of America

Bank of America is certainly one of this world’s leading finance institutions, serving individual customers, little and middle-market companies and big corporations with a complete variety of banking, spending, asset administration along with other financial and risk management solutions and products and solutions. The business provides unmatched convenience in the usa, serving roughly 66 million customer and small company consumers with around 4,300 retail economic facilities, including around 3,000 financing facilities, 2,600 economic facilities by having a Consumer Investment Financial Systems Advisor and about 2,200 company facilities; around 16,900 ATMs; and award-winning digital banking with around 39 million active users, including around 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 array of asset classes, serving corporations, governments, organizations and folks throughout the world. Bank of America provides support that is industry-leading about 3 million small company households through a suite of revolutionary, easy-to-use online products. The business acts customers through operations throughout the usa, its regions and roughly 35 nations. Bank of America Corporation stock (NYSE: BAC) is noted on the latest York stock market.

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