Making financial know-how accessible

We are driven by a common purpose to make financial lives better. People start from different places and have varying levels of understanding when it comes to personal finance. We act on this by understanding, educating and equipping, rather than assuming our clients and communities know what we know.

We also recognize that individuals and families are more successful when their financial solutions have their best interests in mind. That’s why we offer products and services that help mitigate overspending, are easy to use, and help encourage good financial habits. Because at the end of the day, our organization’s success is reflected by the financial mobility of all of the clients and communities we serve.

Close-up of Sal Khan writing on chalkboard

Better Money Habits®

We believe the more informed people are about their money, the clearer their financial outlook – and the more prepared they’ll be to meet their goals. That’s why we’ve partnered with Khan Academy, a leader in online learning, to develop BetterMoneyHabits.com. A free financial education platform, Better Money Habits® can help you and your family make sense of your money and take action to improve with easy-to-understand tools and resources that are available to all. Digitally seamless and available in both English and Spanish, Better Money Habits content includes a wide range of topics, including credit, budgeting and saving, student loans, homeownership, talking with your children about money – and more. All topics are delivered in a way that’s digestible, approachable and tailored to your learning style and goals. Because, money can seem complicated but learning about it doesn’t have to be.
 

And results show Better Money Habits is helping. We’re seeing a connection between people who engage with Better Money Habits and the Spending and Budgeting Tool. Better Money Habits users are growing their savings, growing their checking balances and reducing their debt.

Check out Better Money Habits

Better Money Habits Champions

Helping people manage their financial lives and understand how to build better money habits is at the heart of what we do. We connect our employees to the communities we serve by sharing the tools, resources and education they need to help achieve economic mobility.

As part of this effort, in 2016 the Bank of America Charitable Foundation launched Better Money Habits Champions, employee volunteers who deliver Better Money Habits financial education content to individuals and families directly and through our nonprofit partners.

More than 2,200 members strong, our Champions engage individuals and families in their local communities to help build financial know-how around topics like saving, budgeting and credit. Champions like Daily Points of Light award recipient Nannelle Napp play an important role in helping us deliver on our purpose of making financial lives better.


“I’ve always believed that everyone — no matter where their financial starting point — can take control of their financial lives with simple knowledge and actions.”

Nanelle Napp | Senior Vice President, Marketing Product Manager, Chief Administrative Officer Group, Charlotte, N.C.

Better Money Habits Champion Nanelle Napp loves to teach and share her knowledge and practical advice about personal finance through volunteering in her local community. Prompted to take action by the 2008 financial crisis, Nanelle delivers financial education to students and adults of all ages, using the Better Money Habits® curriculum and often focusing on topics like "Saving & Budgeting," "Paying Down Debt" and "Understanding Your Credit Score." She is comfortable working with groups of various sizes and is often asked by other presenters and volunteers to help with improving their presentation skills.


“The raw honesty of these families really surprises me. They are open to sharing and learning because they all want to get better.”

Raymond Johnson | Vice President, Business Support Manager, Global Technology & Operations, Plano, Texas

Raymond Johnson has been a volunteer mentor for nearly 15 years with people of all ages. Nearly every weekend, he goes the extra mile to engage with his local community members to help build their financial know-how. A Better Money Habits Champion, Raymond uses our curriculum to educate his community about saving and budgeting, debt management, personal banking and tax information. As a result, some community members have moved themselves off welfare, earned scholarships and learned how to manage money more effectively using the knowledge Raymond has shared.

Close-up of person using credit card

Responsible products and services

Whether saving for a down payment on a major purchase, planning for retirement or funding a college education, people make dozens of financial decisions every day. We’ve created simple, safe, transparent and easy-to-use solutions that give people greater control of their finances:

  • SafeBalance Banking®, an alternative option for clients who want more predictability in the way they bank, with no overdraft fees and the ability to manage their finances without using paper checks.
  • The Affordable Loan Solution™ mortgage, a conforming loan that provides low to moderate income homebuyers access to a responsible lending product at affordable entry price, in partnership with Self-Help and Freddie Mac.
  • BankAmericard® Secured credit card, a secured credit card that is the first step in establishing financial credit. For some, this type of credit card will help strengthen or even rebuild good credit.
  • Cardless ATMs, allowing clients to authenticate themselves at an ATM using their phone’s digital wallet instead of a physical card for an added layer of security to access their cash.
  • Erica, our virtual financial assistant, uses the latest technology in artificial intelligence to help clients stay on top of their finances.
  • Mobile banking app, to set up low-balance and fraud alerts, reach savings goals with our Spending and Budgeting tool, and get professional financial guidance.