Growing list of companies adding wellness
tools and resources to help employees live their best financial
lives
CHARLOTTE, N.C., Feb. 8, 2024
/PRNewswire/ -- Bank of America today announced that over 450
corporate and commercial clients have enrolled in its Employee
Banking & Investing (EBI) program – more than doubling the
number of companies in the program from two years ago. Introduced
in 2020, the program now provides nearly 4 million employees access
to industry-leading financial education, rewards, and banking and
investing capabilities to support their short-and long-term
financial health.
"By the middle of this year, more than 500 companies will be
enrolled in our Employee Banking & Investing program," said
Aron Levine, President,
Preferred Banking at Bank of America. "This accelerated growth
reflects employers' interest in providing valuable benefits and
resources that empower employees with greater knowledge and tools
to manage their financial lives and pursue their goals."
Corporate clients nationwide offering the Bank of America
program to their employees range from large and mid-sized companies
across a variety of industries. This month, TriNet became one of
the newest companies to roll the program out to its more than
333,000 worksite employees and colleagues. Based in Dublin, CA, TriNet is a leading provider of
comprehensive human resources solutions for small and medium-size
businesses.
"At TriNet we strive to power the success of small and
medium-sized businesses by supporting their growth and enabling
their people in addition to providing access to programs such as
Bank of America's Employee Banking & Investing program," said
Burton M. Goldfield,
President and CEO of TriNet. "We are thrilled to partner with Bank
of America to offer this amazing program to our valued customers
and TriNet colleagues."
According to Bank of America's 2023 Workplace Benefits Report,
96% of employers feel a sense of responsibility for their
employees' financial wellness, yet only 2 out of 5 employers offer
financial wellness programs. This research study, conducted
annually for over a decade, also found that companies who offer
these programs will continue to stand out as employers of choice,
often see higher rates of employee satisfaction and retention, and
noticeable reductions in employee stress.
Through enrollment in the program, companies have the potential
to extend greater financial benefits to their employees, including
two premier Bank of America solutions: Better Money Habits® –
an online resource and live seminar series on a wide range of
topics designed to help increase employees' financial knowledge;
and Preferred Rewards Gold Tier benefits which reward members
with credit card bonuses, interest rate boosters, and more.
The Employee Banking & Investing program is part of the
company's broader suite of workplace benefits and solutions
designed to help meet the near- and long-term financial needs of
employees. This complete offering brings together traditional
financial benefits – including retirement plans, health savings,
equity compensation and non-qualified deferred compensation plans –
with a range of banking and lending capabilities from Bank of
America and investing capabilities from Merrill to help address
employees' financial needs more comprehensively.
Today, 95% of the U.S. Fortune 1,000 companies have a
relationship with Bank of America. In addition, the company serves
approximately one in five U.S. middle market companies, as well as
4 million small business clients.
"Our corporate and commercial clients appreciate working with a
financial institution who understands the unique needs of their
company and their employees," said Wendy
Stewart, President, Global Commercial Banking. "By
helping employers connect their workforces to a range of integrated
benefit plans and financial services, we're creating convenience
for our clients and a better experience for their employees."
Learn more about Bank of America's Employee Banking &
Investing program and comprehensive suite of financial benefits and
solutions for employees.
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 69 million consumer and small business clients with
approximately 3,800 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).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Andy Aldridge, Bank of
America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
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SOURCE Bank of America Corporation