BofA Expands Fee Waivers for SafeBalance® Account

Rhea-AI Summary

Bank of America expands fee waivers for SafeBalance account

Positive

• Total accounts surpass 5 million, representing over 35% growth in the past year
• Monthly fee of $4.95 waived for accounts with a minimum daily balance of $500 or more
• Fee also waived for accounts with an owner under the age of 25, regardless of balance
• Preferred Rewards clients will continue to have their monthly fee waived

Negative

• None.

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 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. 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

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SOURCE Bank of America Corporation