Bank of America launches Balance Assist, a new short-term, low-cost loan

By Pavithra R

Bank of America, a leading financial institutions, serving individuals, small- and middle-market businesses and large corporations has announced the launch of Balance Assist, a new solution that provides a low-cost way for clients to manage their short-term liquidity needs, borrowing only the amount they need, up to $500.

Balance Assist is the latest solution in the line of the comprehensive financial solutions and services designed to help clients bank confidently and improve their financial lives. BofA’s clients can increase their financial fitness by establishing a savings discipline,improving their budgeting skills and working to build their credit in part through this selection of solutions. 

“Balance Assist is the latest in a powerful set of transparent, easy-to-use solutions to help our clients budget, save, spend and borrow carefully and confidently. People want the power to achieve financial freedom and stability, and are seeking simple, clear solutions and advice to help them along the way,” said D. Steve Boland, president of Retail at Bank of America.

Delivered through the company’s digital channels and knowledgeable financial specialists, these banking solutions help meet clients’ everyday banking, savings and lending needs, and includes:

• Balance Assist: This new short-term, low-cost loan enables clients to borrow up to $500 for a $5 flat fee regardless of the amount advanced to their account.
• Advantage SafeBalance Banking: It is designed to help them spend only the money they have available. Clients can make payments with a debit card or digitally when enrolled in Zelle, mobile or online banking.
• Keep the change: Introduced in 2005, the program helps clients build savings by automatically depositing spare change from rounded up debit card transactions into a savings account. 
• Secured Card: A simple and convenient credit card can help clients establish, strengthen or rebuild their credit.
• Affordable Home Loans: BofA launched its $5 bn Community Homeownership Commitment, which has to date helped nearly 13,000 low- and moderate-income homebuyers achieve homeownership through low down payment loans and down payment and closing cost grants.

These solutions are available through BofA’s Mobile Banking app and are supported by Erica, the bank’s digital assistant. 

“We continue to develop a variety of innovative solutions to help our clients achieve solid financial footing. Solutions like Balance Assist, SafeBalance and Secured Card help provide clients with financial stability, and can put them on a path to longer-term financial wellness,” said April Schneider, head of Consumer and Small Business Products at Bank of America.

Recently, Bank of America launched 3 APIs to CashPro to advance real-time treasury.

Established since 1998, The Bank of America is a leading financial institution, serving individuals, 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 serves approximately 56 million U.S. consumer and small business relationships.