Greater than 200 of Financial institution of America’s company and business shoppers have adopted its company worker banking and investing program.
In response to BOA, this system, which launched in 2020, was created to assist mid- and large-sized corporations help the day-to-day banking wants of their workers.
In its 2021 Office Advantages Report, the financial institution stated 95% of employers admitted they “really feel a way of duty for his or her workers’ monetary wellness”. Nearly half of the respondents supplied workers help within the improvement of “good” monetary habits, whereas 42% provide entry to monetary merchandise.
The analysis additionally discovered that employers throughout the US are boosting the office wellness packages they provide past retirement.
“Company Worker Banking and Investing is a strong answer that expands office monetary wellness packages past schooling and profit plans — getting proper to the center of serving to workers handle and enhance their every day monetary lives,” stated Aron Levine, president, most well-liked banking at Financial institution of America.
This system combines conventional monetary advantages, corresponding to retirement plans, well being financial savings and fairness compensation, with a spread of BOA’s banking and lending capabilities.
“With Monetary Life Advantages, employers are serving to their workers plan, save and take management of their monetary future via a extra full set of instruments and assets,” stated Lorna Sabbia, head of retirement and private wealth options at Financial institution of America. “The demand we’re seeing right here highlights the significance of monetary wellness for each employers and workers, in addition to the necessity for monetary schooling and options to help workers’ whole monetary journeys.”
In response to BOA, it at present has a relationship with 95% of the US Fortune 1,000 corporations, in addition to one in 5 US center market corporations and greater than three million small enterprise homeowners.
Final month, the financial institution recorded $355 billion in whole funds from its shopper shopper base, a 17% spike when in comparison with the identical interval in 2020 and the second highest month of spending on file.
The agency additionally offered a $1 million grant in January to St Petersburg School to help job placements for these college students struggling financially to attain profession targets.
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