Bank of America Surpasses 1 Million Advantage SafeBalance Banking® Accounts
MONEY Magazine Recognizes the Company and Account as “Best for College Students”
Bank of America Advantage SafeBalance Banking®, one of the first banking accounts to eliminate overdraft fees, is on track to surpass 1 million accounts this month. Last month, MONEY named Bank of America the “Best Bank for College Students” and selected the Advantage SafeBalance Banking account as best for students.
“SafeBalance Banking has become one of our most popular checking accounts for students and helps clients at every life stage maintain control over their finances,” said April Schneider, head of Consumer and Small Business Products at Bank of America. “Bank of America continues to be an industry leader in improving transparency and providing clients options to avoid overdraft fees.”
Introduced five years ago as SafeBalance Banking, Advantage SafeBalance Banking is a low-fee banking account developed in consultation with several nonprofit partners and consumer advocate groups as an alternative option for customers who want more predictability in the way they bank. Advantage SafeBalance Banking offers clients a full-featured banking product with no overdraft or non-sufficient fund fees. Additional key features of the account include:
- Low $4.95 monthly maintenance fee – waived for eligible students under the age of 24 and members of the company’s Preferred Rewards program.
- Ability to pay with a debit card, Zelle®, Mobile or Online Banking – no paper checks.
- Debit card with zero liability guarantee, and lock/unlock capability.
- Convenient access through ATMs, award-winning Mobile and Online Banking, and financial centers.
- Online Banking and Mobile app with deposit and payment functionality, including Zelle.
- Alerts to help clients manage finances.
- Access to Erica®, Bank of America’s virtual financial assistant to help anytime, anywhere 24x7.
In addition to the recent recognition from MONEY, Advantage SafeBalance Banking has been recognized by consumer advocates and the industry. According to Jennifer Tescher, president and CEO of the Financial Health Network, “We have long supported the idea of an affordable account option that prevents overdrafts and helps consumers gain control over their day-to-day finances, while still providing full access to mainstream banking services. By consulting with us and other organizations and through direct customer research, Bank of America was able to design a truly consumer-centric product. SafeBalance has been a game-changer, which is why others have begun following the company’s lead by developing no-overdraft checking accounts.”
Commitment to students
Bank of America currently provides services to more than 3.3 million students nationwide. With Advantage SafeBalance Banking, the monthly maintenance fee is waived for students under age 24. Since this waiver was introduced in June 2018, the number of students using Advantage SafeBalance Banking accounts has quadrupled.
Additional tools and resources aligned to students’ life priorities and improving their financial well-being include:
- Student Banking website – A one-stop online resource, including financial tools and solutions for young adults, is available in English, Spanish and Mandarin.
- Better Money Habits® – Available in English and Spanish, this free financial education platform enables young adults to better understand their financial choices and make confident decisions about their personal finances.
- Student centers – Adjacent to colleges and universities across the country, student centers are specific financial centers that offer on-site experts who understand the unique needs of college students. These specialists provide information on how to have a successful, convenient financial experience through the use of digital and educational solutions like Better Money Habits.
- Mobile Banking with Erica – Available in the mobile banking app, Erica is an industry-leading virtual financial assistant designed to help clients with everyday tasks, such as accessing balance information, transferring money between accounts, sending money with Zelle, navigating the app and much more.
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 66 million consumer and small business clients with approximately 4,400 retail financial centers, including approximately 1,800 lending centers, 2,200 financial centers with a Consumer Investment Financial Solutions Advisor, and 1,500 business centers; approximately 16,400 ATMs; and award-winning digital banking with more than 37 million active users, including over 27 million mobile 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 owners 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.
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Reporters May Contact:
Betty Riess, Bank of America, 1.415.913.4416