Total Accounts Surpass 5 Million, Including 2
Million Students
CHARLOTTE, N.C., Sept. 13,
2023 /PRNewswire/ -- 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. Beginning in
November 2023, accounts that maintain
a minimum daily balance of $500 or
more will have the $4.95 monthly fee
waived. In addition, the fee will be waived on accounts with an
owner under the age of 25, regardless of daily balance. Previously,
clients had to be enrolled in school to qualify for the fee waiver.
Preferred Rewards clients will also continue to have their monthly
fee waived.
More about SafeBalance
Created in 2014, SafeBalance
recently surpassed 5 million accounts. 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. SafeBalance is
also the fastest-growing account among students, with more than 2
million total student users.
"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.
Empowering and simplified financial
solutions
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. Bank of
America product offerings also include:
- Balance AssistTM – 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. Repayments are made in
three equal monthly installments over a 90-day period. This
empowers clients to navigate unexpected expenses while building or
strengthening their credit. 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.
- 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.
- 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. With responsible credit
behavior, over time, clients can improve their credit score.
- 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. By 2025, Bank of America
anticipates helping more than 60,000 individuals and families to
purchase homes.
- 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. Since 2015, 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.
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 68 million consumer and small
business clients with approximately 3,900 retail financial centers,
approximately 15,000 ATMs and award-winning digital
banking with approximately 57 million verified digital 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 4 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 more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Don Vecchiarello, Bank of
America
Phone: 1.980.387.4899
don.vecchiarello@bofa.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bofa-expands-fee-waivers-for-safebalance-account-301925659.html
SOURCE Bank of America Corporation