More than 200 of Bank of America’s corporate and commercial clients have adopted its corporate employee banking and investing program.
According to BOA, the program, which launched in 2020, was created to help mid- and large-sized companies support the day-to-day banking needs of their employees.
In its 2021 Workplace Benefits Report, the bank said 95% of employers admitted they “feel a sense of responsibility for their employees' financial wellness”. Almost half of the respondents offered employees support in the development of “good” financial habits, while 42% offer access to financial products.
The research also found that employers across the US are boosting the workplace wellness programs they offer beyond retirement.
"Corporate Employee Banking and Investing is a powerful solution that expands workplace financial wellness programs beyond education and benefit plans — getting right to the heart of helping employees manage and improve their daily financial lives," said Aron Levine, president, preferred banking at Bank of America.
The program combines traditional financial benefits, such as retirement plans, health savings and equity compensation, with a range of BOA’s banking and lending capabilities.
“With Financial Life Benefits, employers are helping their employees plan, save and take control of their financial future through a more complete set of tools and resources," said Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America. "The demand we're seeing here highlights the importance of financial wellness for both employers and employees, as well as the need for financial education and solutions to support employees' entire financial journeys."
According to BOA, it currently has a relationship with 95% of the US Fortune 1,000 companies, as well as one in five US middle market companies and more than three million small business owners.
Last month, the bank recorded $355 billion in total payments from its consumer client base, a 17% spike when compared to the same period in 2020 and the second highest month of spending on record.
The firm also provided a $1 million grant in January to St Petersburg College to support job placements for those students struggling financially to achieve career goals.
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