BofA to Offer Free Financial Counseling in 17 U.S. Markets Through Operation HOPE, Helping Americans Improve Financial Health During a Challenging Time

Rhea-AI Summary

Bank of America, in partnership with Operation HOPE, will expand its HOPE Inside program to 180 financial centers across 17 U.S. markets in 2023. The initiative aims to provide free financial counseling, improving savings, reducing debt, and enhancing credit scores for individuals facing economic challenges. The program, initially launched in Atlanta and Los Angeles, has already delivered over 2,700 counseling sessions and more than 300 financial education workshops, with clients seeing an average FICO score increase of 21 points and annual savings growth of $4,313.

Positive

• Expansion of HOPE Inside program to 180 financial centers, adding financial support in underserved areas.
• Reported improvement in client financial health metrics: average FICO score increased by 21 points, yearly savings rose by $4,313, and annual debt reduced by $837.

Negative

• None.

Program proven to help individuals build savings, reduce debt and improve their credit score to be expanded to 180 Financial Centers in 2023

CHARLOTTE, N.C., Dec. 13, 2022 /PRNewswire/ -- Bank of America and Operation HOPE announced today they will offer free financial counseling in 180 financial centers in 17 U.S. markets starting in 2023. The Operation HOPE program, known as HOPE Inside™, offers in-person financial health coaching sessions to help individuals build savings, improve FICO (credit) scores, and decrease debt.

Introduced initially in four financial centers in Atlanta and Los Angeles, the program will now expand to additional centers in those markets along with centers in Baltimore, Boston and Northern Massachusetts, Brooklyn, Charlotte, Chicago, Dallas, Detroit, Houston, Miami, Northern New Jersey, Philadelphia, Phoenix, San Antonio, San Francisco and Washington D.C.  Bank of America plans to add more markets to the HOPE Inside program in the future as well.

"We know that these are challenging times, as both communities and consumers are dealing with economic stress and potential financial instability," said Aron Levine, President of Preferred Banking at Bank of America. "Good financial health is the foundation for strong, sustainable communities and our partnership with HOPE Inside helps us deliver on our commitment to ensuring more young people, adults and communities have access to the tools and education to build a solid financial future."  

Through the partnership, Bank of America financial center employees refer clients to a professional Operation HOPE financial well-being coach to provide comprehensive monthly credit and money management counseling at no cost. Counseling will be available in both English and Spanish at most locations.

The program has shown significant results. As of the second quarter of 2022, HOPE Inside has provided more than 2,700 counselling services based on Bank of America referrals. The program has also delivered more than 300 financial education workshops. On average, participating clients improved their FICO scores by 21 points, increased their yearly savings by $4,313 and reduced their annual debt by $837.

"Bank of America and HOPE Inside have already had a real, measurable impact on the financial health of so many individuals," said John Hope Bryant, Founder, Chairman and CEO, Operation HOPE, Inc. "The expansion of HOPE Inside is proof that empowering individuals with the knowledge and resources to navigate financial planning can have significant positive results for individuals, families, and communities."

Christine Channels, head of Community Banking and Consumer Governance at Bank of America, adds, "HOPE Inside is just one part of Bank of America's Community Banking approach, which focuses on helping individuals, families and small businesses begin successful financial journeys with products, services and initiatives that ultimately increase their economic resilience."

Bank of America also offers financial education online through Better Money Habits, a proprietary site that provides tools and content on topics including credit building; budgeting; savings and money management; and home buying. To learn more about Bank of America's Community Banking offerings, visit our website at about.bankofamerica.com.

Operation HOPE, Inc.

Since 1992, Operation HOPE has been moving America from civil rights to "silver rights" with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low- and moderate-income youth and adults across the nation. Through its community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. For more information: OperationHOPE.org. Follow the HOPE conversation on Twitter, Facebook and Instagram.

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 16,000 ATMs and award-winning digital banking with approximately 56 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 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.

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:

Lalohni Campbell, for Operation HOPE
Phone: 1.404.593.7145
LA@persemediagroup.com

Susan Atran, Bank of America
Phone: 1.646. 599.3300
Susan.atran@bofa.com

 

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SOURCE Bank of America Corporation