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

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

Business Delivers Comprehensive selection of Banking methods to assist customers handle Their Financial Lives Carefully and Confidently

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

“Balance Assist may be the latest in a powerful pair of clear, easy-to-use answers to assist our customers 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 energy to quickly attain freedom that is financial security, and so 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, attempting to build their credit, and increasing their cost management skills in part through this variety 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 cost savings and financing requirements, and includes:

  • Balance Assist – Using this brand brand brand new short-term, low-cost loan, Bank of America consumers can now borrow as much as $500 (in increments of $100) for the $5 flat rate regardless of quantity advanced level for their account. Repayments will be manufactured in three equal monthly payments more than a 90-day duration. To find out more, review these product that is additional and eligibility requirements. Borrowers must-have been a Bank of America bank checking account customer for a minumum of one 12 months. Balance Assist is planned to introduce in choose states by January 2021 plus in staying states early the following year.
  • SafeBalance – Today, over 2 million consumers make use of this account, that is built to assist them to invest just the cash they will have available. With SafeBalance, there are no overdraft charges 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. Customers will make re payments with a debit card or digitally whenever signed up for Zelle , mobile or banking that is online.
  • Keep carefully the Change – Introduced in 2005, Keep carefully the Change ended up being 1st system of its sort to greatly help consumers build cost cost savings by immediately depositing extra vary from rounded up debit card transactions right into a checking account. Today, significantly more than 6 million consumers 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 customers establish, strengthen or reconstruct their credit. Customers can put on for a free account by having a safety deposit of $300. With accountable credit behavior, customers can enhance their credit history and, as time passes, may qualify to own 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 assisted almost 13,000 low- and moderate-income homebuyers achieve homeownership through low deposit loans and advance payment and closing expense funds.
  • “We continue to build up many different revolutionary methods 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 certainly will wear them a way to longer-term monetary health.”

    These solutions and solutions can be obtained through the award-winning Bank of America mobile phone Banking application and are also supported by Erica, our electronic associate. 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 method to link visitors to the equipment and education they must help take close control of the finances. Since 2013 best online payday loans Livingston, Better Money behavior content was seen significantly more than 120 million times.

    Find out more 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 specific consumers, little and middle-market companies and enormous corporations with a complete array of banking, spending, asset administration as well as other monetary and risk management items and solutions. The organization provides convenience that is unmatched america, serving around 66 million customer and business consumers with roughly 4,300 retail economic facilities, including about 3,000 financing facilities, 2,600 economic facilities with a Consumer Investment Financial possibilities Advisor and more or less 2,200 company facilities; about 16,900 ATMs; and award-winning electronic banking with roughly 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 a diverse selection of asset classes, serving corporations, governments, organizations and people throughout the world. Bank of America provides industry-leading help to around 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 usa, its regions and roughly 35 countries. Bank of America Corporation stock (NYSE: BAC) is noted on this new York stock market.

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