BofA Expands Fee Waivers for SafeBalance® Account
CHARLOTTE, NC – 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.
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.
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:
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 (automated teller machines) 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 is listed on the New York Stock Exchange (NYSE: BAC).
Don Vecchiarello, Bank of America