Bank of The united states SafeBalance Banking Surpasses Three Million Customer Accounts New Equilibrium Guide Featuring to Surpass 100,000 Financial loans in Much less Than a Calendar year

Extra Clients Turning to These and Other Important Alternatives to Enable Set up a Strong Economical Basis and Manage Economical Wellbeing

CHARLOTTE, N.C., September 08, 2021–(Small business WIRE)–Lender of The usa right now declared that more than a few million purchasers now use SafeBalance Banking. Launched in 2014, this effortless, uncomplicated-to-use account has no overdraft fees and was developed to aid shoppers regulate their day to day finances. Expansion in the variety of SafeBalance accounts is accelerating, with total accounts up extra than 40% all through the earlier calendar year. SafeBalance, a single of the 1st BankOn Certified merchandise, is also the speediest expanding account between students, with far more than 1 million now applying the account. Full university student accounts are up a lot more than 50% during the past year.

The business also announced today that its new Stability Assist presenting will quickly surpass 100,000 financial loans. Equilibrium Assist, which offers an cost-effective way for qualified clientele to control their shorter-time period liquidity desires, began rolling out in pick out states in December 2020, and grew to become offered nationally in March 2021.

“These days people today all through the state are wanting for alternatives that can aid them build a solid money foundation, build and strengthen their credit, and boost their in general monetary health and fitness,” reported D. Steve Boland, President of Retail. “Bank of The united states is dedicated to encouraging purchasers finances, save, borrow and invest with confidence through a potent mixture of alternatives that can be essential to reaching these goals, together with personalised direction to assistance them together the way.”

Increased Overdraft Defense
Financial institution of America has also enhanced its overdraft defense provider with Stability Connect™ for Overdraft Safety. Stability Join will allow buyer and little business enterprise clientele to url their eligible Bank of The us examining account to up to 5 other Financial institution of The united states accounts (these kinds of as checking, discounts and credit rating playing cards) – encouraging customers to address payments and buys whilst avoiding overdrafts by automatically transferring readily available resources from a prioritized set of accounts when necessary. Consumers can established up and manage Balance Hook up by way of the Bank of The usa cellular app. They can also manage their preferences via on-line banking and Enterprise Gain 360, the company’s modest company on-line banking platform.

Around a 10 years in the past, Financial institution of The us started getting considerable measures to aid clientele financial institution with bigger assurance. The enterprise removed overdrafts for a person-time debit card buys in 2010 launched its SafeBalance Banking account in 2014 and previous 12 months released Stability Support. Harmony Link is the newest move to help purchasers maximize manage around their finances, and to lessen overdrafts.

Important Remedies
Jointly with its award-winning electronic capabilities, Bank of America’s suite of Critical Methods presents a strong blend of clear, uncomplicated-to-use offerings that assist customers funds, help you save, commit and borrow meticulously and confidently. The full array of remedies involves:

  • SafeBalance Banking® – Extra than three million shoppers use this account, which is made to aid them devote only the funds they have readily available. With SafeBalance, there are no overdraft fees, and the month-to-month upkeep fee is waived for qualified students below the age of 24 and for purchasers enrolled in our Most well-liked Benefits method.

  • Stability Help – Introduced in late 2020, Equilibrium Guide gives an reasonably priced way for clients to manage their quick-time period liquidity wants, borrowing only the amount of money they will need, up to $500 (in increments of $100) for a $5 flat fee no matter of the quantity superior to their account. Repayments are manufactured in three equal month-to-month installments in excess of a 90-working day period. To study extra, overview these supplemental product or service aspects and eligibility requirements. Borrowers must have been a Lender of The united states checking account customer for at least just one 12 months.

  • BankAmericard® Secured Card – Currently in excess of 800,000 customers use this simple and easy credit history card, which can assistance establish, fortify or rebuild their credit score. Customers can apply for an account with a security deposit commencing as small as $300. With responsible credit conduct, more than time, this credit score card could support customers make improvements to their credit rating rating.

  • Economical Property Financial loans – In early 2019, Lender of The united states launched its now expanded $15 billion Local community Homeownership Commitment, which has by now helped 27,000 small- and reasonable-money homebuyers attain homeownership by means of reduced down payment loans and down payment and closing value grants. By 2025, Bank of America anticipates aiding a lot more than 60,000 people and families to buy homes.

  • Preserve the Change® – With over 6 million end users, this tool allows clients construct discounts by instantly depositing spare improve from rounded up debit card transactions into a financial savings account. Over the previous 15 many years, this application has helped customers immediate additional than $15 billion in excessive adjust to discounts accounts.

  • Much better Cash Habits® – A cost-free economical instruction system that presents a simple, obtainable way to connect people today to the instruments, means and training they want to just take regulate of their finances.

This calendar year the Lender of America Client Bank has been recognized with additional than 170 marketplace awards for its innovation, options, economical technologies, and offering exceptional client assistance and encounters.

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Financial institution of The usa
Lender of America is a single of the world’s primary financial establishments, serving personal individuals, modest and center-market organizations and large firms with a whole range of banking, investing, asset administration and other economic and chance administration merchandise and solutions. The organization provides unmatched usefulness in the United States, serving roughly 66 million consumer and compact small business clientele with around 4,300 retail economic facilities, about 17,000 ATMs, and award-winning digital banking with about 41 million energetic consumers, including about 32 million cellular consumers. Financial institution of The us is a world chief in prosperity administration, company and expenditure banking and trading across a broad variety of asset lessons, serving firms, governments, establishments and people today about the entire world. Bank of The us provides business-foremost support to somewhere around 3 million little business enterprise homes by a suite of modern, quick-to-use on the web solutions and companies. The organization serves shoppers by way of functions throughout the United States, its territories and approximately 35 nations around the world. Financial institution of The usa Corporation stock (NYSE: BAC) is stated on the New York Inventory Exchange.

For extra Bank of The united states information, which includes dividend announcements and other significant information, stop by the Bank of The us newsroom and register for news electronic mail alerts.

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Reporters May perhaps Get hold of:
Don Vecchiarello, Bank of America, 770.361.2573
[email protected]