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Balance Assist® can help with unexpected expenses

Balance Assist® is a small dollar loan designed to help you manage short-term needs.

Balance assist page shown in the app on an iphone screen

Are you eligible for Balance Assist®?

In addition to other factors, you must meet the criteria below¹:

You have had a Bank of America checking account open for at least 1 year (or 2.5 years if you don’t have a credit score²) and currently have a qualified Bank of America checking account (a SafeBalance® account does not qualify)
You have a positive balance in all of your Bank of America checking accounts³ and make regular monthly deposits
You don’t currently have an open Balance Assist loan and have not opened 6 Balance Assist loans in the last 12 months
Credit-based factors are also considered

Simple. Quick. Convenient.

Here’s an overview of how Balance Assist works.

Apply¹ online—it’s quick and easy
If approved, you’ll have access to money in minutes
Apply to borrow up to $500, for a $5 fee⁴
Pay back the amount borrowed, plus the $5 fee, in 3 equal monthly payments⁴

A person typing on a laptop and taking notes.

Here’s what else you may need to know

Be sure to check the information below to see if Balance Assist is right for you.

Balance Assist is a credit product

We may report the loan status to the credit reporting agencies.

We'll need to run a credit check to approve you for a Balance Assist loan

Limited credit history? We’ll take into account your relationship with us. You can also build credit history by consistently paying back your Balance Assist loan when it’s due.

Pay only a $5 fee⁴ for Balance Assist

No matter how much you borrow.

Your overdraft setting on your checking account will change

The checking account connected to Balance Assist will be set to the “Decline All” overdraft setting.⁵ This will help you avoid overdrawing your account. If you don't have available funds, transactions will not be paid. While you have an active Balance Assist loan, this setting cannot be changed, but 5 business days after your loan is paid in full, you can contact us to have your settings changed back. We will not charge overdraft fees for returned Balance Assist payments.⁶

1

Applicants must be residents of the United States or U.S. Territories and have a U.S. address on file to be eligible for Balance Assist.

2

Applicants with no credit score must have an eligible checking account with Bank of America for at least 2.5 years to be eligible for Balance Assist.

3

Each checking account in which you are an owner or co-owner must have a positive balance as of the end of the previous business day.

4

There is a $5 fee for opening a Balance Assist loan and there are no other interest or finance charges. To help you compare this to other products in the market, the $5 fee would translate into an effective Annual Percentage Rate (APR) of 5.99% to 29.76%, depending on the amount borrowed. Repayment is made monthly over a period of three months. Example: If you took a $100 Balance Assist loan, your total to repay would be $105 with an equivalent Annual Percentage Rate (APR) of 29.76%, and a payment of $35 due in 30 days, $35 due in 60 days and $35 in 90 days.

5

If you don't have enough money in your account, or your linked Balance Connect® for overdraft protection account at the time of a transaction, we'll decline or return it. Even in Decline All, your account may still become overdrawn. This can happen if your debit card is authorized for one amount but the final amount is higher (for example, adding a tip at a restaurant). See your Deposit Agreement and Disclosures.

6

The merchant or third party may charge you additional fees for any declined or returned transactions.

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