Balance Assist® can help with unexpected expenses

Borrow up to $500 for a flat $5 fee.1 Apply Now

Are you eligible for Balance Assist®?

In addition to other factors, you must meet the criteria below2:

  • Checkmark item one

    You currently have an eligible Bank of America personal checking account that has been opened for at least 1 year (or 2.5 years if you don’t have a credit score3). SafeBalance® and SafeBalance® for Family Banking accounts do not qualify.

  • Checkmark item two

    You have a positive balance in all of your Bank of America checking accounts4 and make regular monthly deposits.

  • Checkmark item three

    You don’t currently have an open Balance Assist loan and have not opened 6 Balance Assist loans in the last 12 months.

  • Checkmark item four

    Credit-based factors are also considered — Balance Assist is a credit product and requires a credit check.

Have questions? Read the Frequently asked questions

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Simple. Quick. Convenient.

Here’s an overview of how Balance Assist works.

  • Online

    Apply2 online—it’s quick and easy. Set up automatic payments during the application for additional convenience.

  • Fast

    If approved, you’ll have access to money in minutes

  • Cash

    Apply to borrow up to $500 for a $5 fee1

  • Loan

    Pay back the amount borrowed, plus the $5 fee, in 3 equal monthly payments1

Apply now

Read through this information to learn more about Balance Assist.

Balance Assist is a credit product. We’ll need to run a credit check when you apply.

  • If you have a limited credit history, we’ll take into account your relationship with us.
  • You can build your credit history by consistently paying your Balance Assist loan on time.
  • We will report the loan status to the credit reporting agencies.

The checking account connected to the Balance Assist loan will be set to the "Decline All" overdraft setting.5 Learn about overdraft settings.

  • The “Decline All” overdraft setting will not cover payments and transactions when there isn’t enough money in your account.
  • Overdraft Item Fees are not charged for returned payments and transactions, including Balance Assist loan payments.5
  • To change the overdraft setting on your checking account, contact us five days after your loan is paid in full.

Automatic Payments are a convenient repayment option

  • Automatic Payments are free to set up but not required.
  • When your payment date falls on a weekend or holiday, the payment will be drawn the previous business day.

 

Here are some frequently asked questions

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An email will be sent to you within 2 business days of submitting your application with a link directing you to a letter explaining the reason(s) why your application was not approved. The letter can be found in the Statements & Documents/Notifications and Letters section of Mobile6 and Online Banking.

No, you cannot apply for a Balance Assist loan in the financial center or via phone. The only way to apply for a Balance Assist loan is in Mobile6 and Online Banking.

You may apply for another Balance Assist loan 24 hours after you have paid off an existing Balance Assist loan. You must meet all credit criteria to be approved for another loan. You may borrow up to 6 times over a 12-month period.

No, the payment due date and payment amount due cannot be changed/modified.

Setting up automatic payments is the most convenient way to repay your Balance Assist loan. Manual monthly payments can also be made using Online Banking or the Mobile Banking app. You may also visit a financial center or call us to make a payment.

No, automatic payments are not required. Automatic payments are free to set up, convenient and may help avoid late payments. If you do not have automatic payments set up, you will need to make the payment manually.

Automatic payments can be set up during the application process. Automatic payments are free to set up and a convenient way to repay your Balance Assist loan on time.

Below is an example payment schedule based on the amount borrowed.

Loan Amount

Fee

Payment 1

Payment 2

Payment 3

Total Payment

Annual Percentage Rate (APR)

$100

$5

$35

$35

$35

$105

29.76%

$200

$5

$68.33

$68.33

$68.34

$205

14.94%

$300

$5

$101.66

$101.67

$101.67

$305

9.97%

$400

$5

$135

$135

$135

$405

7.48%

$500

$5

$168.33

$168.33

$168.34

$505

5.99%

While there are no finance charges or fees for late payments, we report your payment history to the credit bureaus including payments made on time and late payments. Late payments and defaulting on a Balance Assist loan will impact your ability to borrow from Bank of America, including potentially receiving a lower maximum loan amount to being declined.

Yes, email and Online/Mobile Banking alerts are sent automatically to remind you of upcoming payment due dates, past due payments, and when payments have posted. These alerts are automatic and cannot be turned off.

The Loan Agreement is located in the Statements and Documents section of the account to which the funds were disbursed within Mobile6/Online Banking.

To help you avoid overdrawing, your account will be set to the Decline All overdraft setting. If you do not have sufficient funds available in your checking account (or any backup account you linked as part of our Balance Connect® for overdraft protection7 service) to cover a transaction, the transaction will be returned unpaid.   

With the Decline All overdraft setting, we will not charge a fee to your deposit account when we decline or return an item unpaid due to insufficient funds. You may be assessed a fee by a merchant if this happens. While you have an active Balance Assist loan, this setting cannot be changed. However, 5 business days after the loan is paid in full, you can contact us to have your setting changed back.