![]() Since 2015, this program has helped clients direct more than $15 billion in excess change to savings accounts. Keep the Change® – With more than 6 million users, this tool helps clients build savings by automatically depositing spare change from rounded up debit card transactions into a savings account. ![]() By 2025, Bank of America anticipates helping more than 60,000 individuals and families to purchase homes. Affordable Home Loans – In 2019, Bank of America launched the Community Homeownership Commitment – expanded to $15 billion in 2021 – which has already helped more than 42,000 low- and moderate-income homebuyers achieve homeownership through low down payment loans and down payment and closing cost grants.With responsible credit behavior, over time, clients can improve their credit score. Secured Credit Cards – The Customized Cash Rewards, Unlimited Cash Rewards and BankAmericard® secured cards can help clients establish, strengthen or rebuild credit clients can apply for an account with a security deposit starting as low as $200.Balance Connect – Balance Connect provides overdraft protection through the ability for clients to link up to five accounts to their checking account, while increasing simplicity and accessibility through digital sign-up and management.Balance Assist recently topped 1 million loans since its national launch in March 2021, and new originations have grown by more than 10% over last year. This empowers clients to navigate unexpected expenses while building or strengthening their credit. Repayments are made in three equal monthly installments over a 90-day period. Balance Assist TM– Balance Assist provides clients a low-cost way to manage their short-term liquidity needs, borrowing only the amount they need, up to $500 (in increments of $100) for a $5 flat fee.Bank of America product offerings also include: SafeBalance is part of Bank of America’s suite of empowering and simplified financial solutions – a powerful combination of transparent, easy-to-use products that help clients budget, save, spend, and borrow carefully and confidently. Empowering and simplified financial solutions “This milestone reflects our commitment to providing simple and transparent solutions to our clients at every stage of their financial journey, and to helping them achieve financial wellness,” said Mary Hines Droesch, Head of Consumer and Small Business Products at Bank of America. SafeBalance is also the fastest-growing account among students, with more than 2 million total student users. One of the nation’s first Bank On certified products – meeting standards for safe and affordable bank accounts - SafeBalance now represents more than 50% of new checking account openings, with the total number of accounts having grown by more than 35% over the past year. More about SafeBalanceĬreated in 2014, SafeBalance recently surpassed 5 million accounts. Preferred Rewards clients will also continue to have their monthly fee waived. ![]() Previously, clients had to be enrolled in school to qualify for the fee waiver. In addition, the fee will be waived on accounts with an owner under the age of 25, regardless of daily balance. Beginning in November 2023, accounts that maintain a minimum daily balance of $500 or more will have the $4.95 monthly fee waived. CHARLOTTE, NC – Bank of America today announced plans to expand the monthly maintenance fee waiver criteria for SafeBalance®, an easy-to-use account that helps clients manage day-to-day finances with no overdraft fees.
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