Bank of America Enters Payday Loans
Bank of America today introduced Balance Assist, a revolutionary new solution that gives clients an inexpensive way to manage their short-term liquidity needs, by borrowing only the amount they need, up to $ 500. .
Balance Assist is the latest offering in a comprehensive selection of financial solutions and services designed to help clients bank with confidence and improve their financial lives.
“Balance Assist is the latest in a powerful set of transparent and easy-to-use solutions to help our clients budget, save, spend and borrow carefully and with confidence,” said D. Steve Boland, President of Retail at Bank of America. “People want the power to achieve financial freedom and stability and look for simple, clear solutions and advice to help them through the process. “
Bank of America clients can improve their financial health by establishing a savings discipline, working to build their credit, and improving their budgeting skills in part with this selection of helpful solutions. Delivered through the company’s award-winning digital channels and knowledgeable financial specialists, this set of secure banking solutions helps meet customers’ daily banking, savings and lending needs, and includes:
Balance Assistance – With this new low-cost, short-term loan, Bank of America customers can now borrow up to $ 500 (in $ 100 increments) for a lump sum of $ 5 regardless of the amount advanced on their account. Repayments would be 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 checking account for at least one year. Balance Assist is slated to launch in select states by January 2021 and in other states early next year.
SafeBalance ™ – Today, over 2 million customers use this account, which is 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 or customers enrolled in our Preferred Rewards program. Customers can make payments with a debit card or digitally when enrolled in Zelle®, mobile banking or online.
Keep the Change® – Launched in 2005, Keep the Change was the first program of its kind to help customers save by automatically depositing spare change from rounded debit card transactions into a savings account. Today, over 6 million customers use Keep the Change. Over the past 15 years, this program has helped clients allocate over $ 15 billion in excess currency to savings accounts.
Secure Card – This simple and convenient credit card can help customers build, strengthen or replenish their credit. Customers can request an account with a $ 300 security deposit. With responsible credit behavior, customers can improve their credit rating and, over time, can claim their security deposit back.
Affordable Home Loans – In early 2019, Bank of America launched its $ 5 billion Homeownership Community Commitment, which has already helped nearly 13,000 low- and moderate-income homebuyers access homeownership. property through low down payment loans and down payment and closing costs grants.
“We continue to develop a variety of innovative solutions to help our clients build a strong financial foundation,” said April Schneider, head of consumer and small business products at Bank of America. “Solutions such as Balance Assist, SafeBalance and Secured Card help provide clients with financial stability and can put them on the path to longer-term financial well-being.”
These solutions and services are available through the award-winning Bank of America Mobile Banking app and are supported by Erica, our digital assistant. These solutions are designed to encourage good financial habits, as are additional resources available through Better Money Habits®, our free financial education platform that provides a simple and accessible way to connect people to the tools and education they want. need to take control of their finances. . Since 2013, Better Money Habits content has been viewed over 120 million times.