CHARLOTTE, North Carolina – (COMMERCIAL THREAD) – Bank of America announced today that more than three million customers are now using SafeBalance Bank. Launched in 2014, this convenient and easy-to-use account has no overdraft fees and was designed to help clients manage their finances on a daily basis. Growth in the number of SafeBalance accounts is accelerating, with total accounts increasing by over 40% over the past year. SafeBalance, one of the first BankOn certified products, is also the fastest growing student account, with over 1 million users now. Total student accounts have grown by over 50% over the past year.
The company also announced today that its new Balance aid supply will soon exceed 100,000 loans. Balance Assist, which provides eligible clients with an affordable way to manage their short-term liquidity needs, began rolling out in select states in December 2020 and became available nationwide in March 2021.
âToday, people across the country are looking for solutions that can help them establish a solid financial foundation, build and strengthen their credit, and improve their overall financial health,â said D. Steve Boland, President of Retail. âBank of America is committed to helping customers budget, save, borrow, and spend with confidence through a powerful combination of solutions that can be critical to achieving these goals, plus personalized advice to support them throughout. along the process. ”
Improved overdraft protection
Bank of America has also enhanced its overdraft protection service with Balance Connect â¢ for overdraft protection. Balance Connect allows retail and small business customers to link their eligible Bank of America bank account to up to five other Bank of America accounts (such as checking, savings, and loan accounts) – helping customers cover costs. payments and purchases while avoiding overdrafts by automatically transferring available funds from a set of priority accounts when needed. Customers can set up and manage Balance Connect through the Bank of America mobile app. They can also manage their preferences through online banking and Business Advantage 360, the online banking platform for small business enterprise.
Over a decade ago, Bank of America began taking important steps to help its customers bank with greater confidence. The company eliminated overdrafts for one-time debit card purchases in 2010; launched its SafeBalance Banking account in 2014; and last year introduced the balancing assistant. Balance Connect is the last step in helping customers gain more control over their finances and reduce overdrafts.
With its award-winning digital capabilities, Bank of America’s software suite Essential solutions offers a powerful combination of transparent and easy-to-use offerings that help customers budget, save, spend and borrow prudently and with confidence. The full range of solutions includes:
- SafeBalanceÂ® Bank – Over three million customers use this account, designed to help them spend only the money they have. With SafeBalance, there are no overdraft fees and monthly maintenance fees are waived for eligible students under the age of 24 and for customers enrolled in our Preferred Rewards program.
- Balance aid – Launched in late 2020, Balance Assist offers clients an affordable way to manage their short-term liquidity needs, by borrowing only the amount they need, up to $ 500 (in $ 100 increments) for an amount fixed $ 5 regardless of the amount advanced to their account. Repayments are made in three equal monthly installments over a 90-day period. To learn more, see these additional details about the product and eligibility criteria. Borrowers must have held a Bank of America chequing account for at least one year.
- BankAmericardÂ® secure card – Today, more than 800,000 customers use this simple and convenient credit card, which can help build, strengthen or replenish their credit. Customers can request an account with a security deposit starting at $ 300. With responsible credit behavior, over time this credit card could help customers improve their credit score.
- Affordable home loans – In early 2019, Bank of America launched its now expanded $ 15 billion Community engagement in homeownership, which has already helped 27,000 low- and moderate-income homebuyers access homeownership through low-downpayment loans and down payment and closing grants. By 2025, Bank of America plans to help more than 60,000 people and families buy homes.
- Keep the changeÂ® – With over 6 million users, this tool helps customers save money by automatically depositing spare currency from rounded debit card transactions into a savings account. Over the past 15 years, this program has helped clients allocate over $ 15 billion in excess currency to savings accounts.
- Better Money HabitsÂ® – A free financial education platform that provides an easy and accessible way to connect people with the tools, resources, and education they need to take control of their finances.
This year, the Bank of America Consumer Bank was recognized with more than 170 industry award for its innovation, solutions, financial technology and delivery of exceptional customer service and experiences.
Download the Bank of America app or visit bankofamerica.com.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium businesses, and large corporations with a full range of banking, investing, asset management and financial products and services. other financial and risk management products and services. The company provides unparalleled convenience in the United States, serving approximately 66 million personal and small business customers with approximately 4,300 retail financial centers, approximately 17,000 automated teller machines and award-winning digital banking services with approximately 41 million active users, including around 32 million mobile users. Bank of America is a global leader in wealth management, investment and investment banking, and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals across the whole world. Bank of America provides industry-leading assistance to approximately 3 million small business households through a range of innovative and easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.