Financial institution of America introduced Tuesday that it’s going to supply no-cost monetary counseling to clients in 17 cities, beginning subsequent 12 months. That’ll embody places in Charlotte.
jvorhees@macon.com
In case you’re trying to pay down debt, increase your credit score rating or attain a financial savings aim within the new 12 months, you will discover some free skilled assist at an area Financial institution of America department beginning subsequent month.
The Charlotte-based financial institution introduced Tuesday that it’s partnering with Operation HOPE, a monetary training nonprofit, to supply no-cost monetary counseling to clients in 180 financial institution branches throughout the nation. That’ll embody places in Charlotte and 16 different cities throughout the U.S., in keeping with a information launch from the financial institution.
Charlotte would be the solely metropolis within the Carolinas to supply the counseling.
This system is open to all clients however will likely be based in branches in low- to moderate- revenue communities, mentioned Christine Channels, Financial institution of America’s head of group banking.
“There’s an actual want in these communities for extra monetary literacy and extra counseling on the subject of monetary objectives,” Channels mentioned. “It additionally helps with customers that will have had some monetary injury, significantly over the previous couple of years with the entire issues we’ve seen by means of the pandemic, like job losses.”
By means of this system, financial institution department staff can refer clients to Operation HOPE’s monetary coaches, who can present free month-to-month counseling classes centered on credit score and cash administration. Prospects can entry classes in English and Spanish at most places.
Financial institution of America launched this system at 4 branches in Atlanta and Los Angeles, in keeping with the information launch. At these facilities, collaborating clients raised their FICO scores by 21 factors and elevated their yearly financial savings by $4,313 on common, the financial institution mentioned.
“By having one-on-one teaching, having the ability to meet each month and discuss your monetary objectives… It’s actually created that accountability that has made a big distinction in customers’ lives,” Channels mentioned.
Financial institution of America plans to proceed increasing this system to extra cities and branches, she added. “We’re searching for centrally situated facilities that may cowl the most individuals the place we see the direct want.”
Prospects who’re desirous about this system can ask an worker at their native department a few referral.
’All of them match collectively’
The free monetary counseling program is the second equity-focused initiative that Financial institution of America has introduced within the final a number of months.
In September, the financial institution introduced it was testing a brand new program that gives dwelling loans with no down funds and no closing prices to first-time homebuyers in Black and Latino communities. It’s accessible in 5 cities, together with in Charlotte.
“All of them match collectively,” Channels mentioned. “We all know literacy is vital, entry to services is vital, (and so is) entry to credit score, jobs and capital.”
