Bank of America Corp said on Thursday it was launching a new low-cost loan product for checking customers who may be pressed for cash.
FILE PHOTO: A Bank of America building is seen in Los Angeles, California, U.S., May 6, 2019. REUTERS/Lucy Nicholson - RC11E7E5F470said on Thursday it was launching a new low-cost loan product for checking customers who may be pressed for cash.
Balance Assist, which will be available beginning in January, allows clients to borrow up to $500 for a flat $5 fee, and repay the amount over a three-month period. Customers need to have a checking account with the bank for at least one year to be eligible for the loan. Earlier this year U.S. regulators urged banks to strongly consider extending short-term, small-dollar loans to struggling people and businesses to help them make ends meet during the coronavirus pandemic. Banks largely abandoned the practice in recent years amid regulatory scrutiny.
“Financial health has never been more challenging for the millions of consumers who experience short-term cash gaps due to income volatility or unexpected expenses,” said Jennifer Tescher, CEO of Financial Health Network. “We need more institutions to offer small-dollar credit, and so it is encouraging that Bank of America has developed an alternative to overdraft and payday loans that is safe, transparent, and affordable, with the real potential to advance financial health.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Are You Overdrafting Your Relationship Bank Account?How building up goodwill and affection in your relationship can help you through the tough times
Weiterlesen »
Singapore's economic decline seen slowing in third quarter, central bank on holdSingapore's economic decline is expected to have slowed significantly in the third quarter as the city-state loosened coronavirus curbs, giving the central bank room to keep monetary settings unchanged when it meets next week.
Weiterlesen »
Up to 150 million could join extreme poor, World Bank saysJOHANNESBURG (AP) — Up to 150 million people could slip into extreme poverty, living on less than $1.90 a day, by late next year depending on how badly economies shrink during the COVID-19...
Weiterlesen »
Dutch bank ING cuts carbon emissions linked to power industry lendingDutch lender ING has sharply cut the carbon emissions linked to its lending to the power industry over the past year after reducing funding to coal-fired power plants and boosting financing for renewable energy, it said on Thursday.
Weiterlesen »
Bank of England's Bailey says risks are very much to the downsideBank of England Governor Andrew Bailey said on Thursday that risks to Britain's economy were 'very much on the downside' as it tries to extend its recovery from the coronavirus crisis.
Weiterlesen »