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

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 Consumers 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 may be the latest providing in a comprehensive choice of economic solutions and solutions made to assist customers 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 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 ability to attain economic freedom and security, and are also looking for easy, clear solutions and advice to greatly help them 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 to some extent through this collection of helpful solutions. Delivered through the company’s award-winning channels that are digital knowledgeable financial experts, this pair of safe banking solutions helps fulfill consumers’ everyday banking, cost cost savings and financing requirements, and includes:

  • Balance Assist – Using this 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 whatever the quantity advanced level with their account. Repayments will be produced in three equal monthly installments over a period that is 90-day. For more information, review these product that is additional and eligibility requirements. Borrowers should have been a Bank of America account that is checking for one or more 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 will be made to assist them invest just the cash they usually have available. With SafeBalance, there are not any overdraft charges therefore 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. Consumers could make re payments having a debit card or digitally when signed up for Zelle , mobile or online banking.
  • Keep carefully the Change – Introduced in 2005, Maintain the Change ended up being the initial system of its type to greatly help consumers build savings by immediately depositing free vary from rounded up debit card transactions as a family savings. Today, a lot more than 6 million customers 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 often helps customers establish, strengthen or reconstruct their credit. Customers can apply for a free account with a safety deposit of $300. With accountable credit behavior, customers can enhance their credit rating 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 already 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 produce many different revolutionary approaches to assist our customers attain solid economic footing,” said April Schneider, mind of customer and business goods at Bank of America. “Solutions like Balance Assist, SafeBalance and Secured Card assist offer consumers with economic security, and will wear them a road to longer-term economic health.”

    These solutions and solutions can be found through the Bank that is award-winning of Cellphone Banking application and are usually supported by Erica, our electronic associate. These solutions are designed to encourage good economic practices, because are extra resources available through Better Money practices , our free economic training platform providing you with a easy, available solution to link visitors to the various tools and training they have to assist seize control of the funds. Since 2013, 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 just one of the world’s leading finance institutions, serving specific customers, tiny and middle-market organizations and enormous corporations with a complete variety of banking, spending, asset management as well as 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 consumers with roughly 4,300 retail economic facilities, including more or less 3,000 financing facilities, 2,600 economic facilities having a Consumer Investment Financial Systems Advisor and more or less 2,200 company facilities; roughly 16,900 ATMs; and award-winning electronic banking with about 39 million active users, including around 30 million mobile users. Bank of America is really 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 all over the world. Bank of America provides support that is industry-leading about 3 million small company households by way of a suite of revolutionary, easy-to-use online services and products. The business serves customers through operations throughout the united states of america, its regions and roughly 35 nations. Bank of America Corporation stock (NYSE: BAC) is noted on this new York stock market.

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

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