Bank of America today announced that over three million clients now use SafeBalance Banking. Introduced in 2014, this convenient, easy-to-use account has no overdraft fees and was designed to help clients manage their day to day finances. Growth in the number of SafeBalance accounts is accelerating, with total accounts up more than 40% during the past year. SafeBalance, one of the first BankOn Certified products, is also the fastest growing account among students, with more than one million now using the account. Total student accounts are up more than 50% during the past year.
The company also announced today that its new Balance Assist offering will soon surpass 100,000 loans. Balance Assist, which offers an affordable way for eligible clients to manage their short-term liquidity needs, began rolling out in select states in December 2020, and became available nationally in March 2021.
“Today people throughout 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,” said D. Steve Boland, President of Retail. “Bank of America is committed to helping clients budget, save, borrow and spend with confidence through a powerful combination of solutions that can be essential to achieving these goals, along with personalized guidance to support them along the way.”
Enhanced Overdraft Protection
Bank of America has also enhanced its overdraft protection service with Balance Connect™ for Overdraft Protection. Balance Connect allows consumer and small business clients to link their eligible Bank of America checking account to up to five other Bank of America accounts (such as checking, savings and credit cards) – helping clients to cover payments and purchases while avoiding overdrafts by automatically transferring available funds from a prioritized set of accounts when needed. Clients 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 company’s small business online banking platform.
Over a decade ago, Bank of America began taking significant steps to help clients 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 Balance Assist. Balance Connect is the latest step to help clients increase control over their finances, and to reduce overdrafts.
Together with its award-winning digital capabilities, Bank of America’s suite of Essential Solutions offers a powerful combination of transparent, easy-to-use offerings that help clients budget, save, spend and borrow carefully and confidently. The full array of solutions includes:
- SafeBalance Banking® – More than three million clients use this account, which is designed to help them spend only the money they have available. With SafeBalance, there are no overdraft fees, and the monthly maintenance fee is waived for eligible students under the age of 24 and for clients enrolled in our Preferred Rewards program.
- Balance Assist – Introduced in late 2020, Balance Assist provides an affordable way for clients 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 regardless of the amount advanced to their account. Repayments are made in three equal monthly installments over a 90-day period. To learn more, review these additional product details and eligibility criteria. Borrowers must have been a Bank of America checking account client for at least one year.
- BankAmericard® Secured Card – Today over 800,000 clients use this simple and convenient credit card, which can help establish, strengthen or rebuild their credit. Clients can apply for an account with a security deposit starting as low as $300. With responsible credit behavior, over time, this credit card could help clients improve their credit score.
- Affordable Home Loans – In early 2019, Bank of America launched its now expanded $15 billion Community Homeownership Commitment, which has already helped 27,000 low- and moderate-income homebuyers achieve homeownership through low down payment loans and down payment and closing cost grants. By 2025, Bank of America anticipates helping more than 60,000 individuals and families to purchase homes.
- Keep the Change® – With over 6 million users, this tool helps clients build savings by automatically depositing spare change from rounded up debit card transactions into a savings account. Over the last 15 years, this program has helped clients direct more than $15 billion in excess change to savings accounts.
- Better Money Habits® – A free financial education platform that provides a simple, accessible way to connect people to the tools, resources and education they need to take control of their finances.
This year the Bank of America Consumer Bank has been recognized with more than 170 industry awards for its innovation, solutions, financial technology, and delivering exceptional client 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 individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, 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 stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Don Vecchiarello, Bank of America, 770.361.2573