More than 450 corporate and commercial customers are enrolled in the Bank of America Employee Banking and Investments (EBI) program. This is more than double his number of companies participating in the program two years ago. This program was first launched in his 2020 year. Today, we provide approximately 4 million employees with access to industry-leading financial education, incentives, banking and investment capabilities. The overall objective is to support the short-term and long-term financial health of employees.
“By the middle of this year, we will have more than 500 companies enrolled in our Employee Banking and Investments program,” said Aaron Levine, President of Preferred Banking at Bank of America.
“This accelerated growth reflects employers' interest in providing valuable benefits and resources that give employees greater knowledge and tools to manage their financial lives and pursue their goals. .”
Only 2 in 5 U.S. employers offer financial wellness programs
Corporate customers who offer this program to their employees range from large to mid-sized companies in a variety of industries.
Bank of America's 2023 Workplace Benefits Report found that 96% of employers feel responsible for the financial well-being of their employees. However, only two out of five employers offer financial wellness programs. This research study has been conducted annually for over 10 years. We also found that companies that offer these programs will continue to stand out as employers of choice. Additionally, we often see increased employee satisfaction and retention, and a noticeable reduction in employee stress.
Gold tier for better money habits and preferential benefits
By enrolling in this program, companies have the potential to provide even greater financial benefits to their employees. This includes two major Bank of America solutions. Better Money Habits is an online resource and live seminar series on a wide range of topics aimed at increasing the financial literacy of employees. Preferred Rewards Gold Tier, on the other hand, offers members perks like credit card bonuses and interest rate boosters.
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The employee banking and investment program is part of the bank's broader suite of workplace benefits and solutions. All of these are designed to meet the short- and long-term financial needs of employees. This complete service integrates traditional economic benefits. These include retirement plans, health savings, stock-based compensation, and non-qualified deferred compensation plans. In addition, Bank of America's extensive banking and lending capabilities and Merrill's investment capabilities allow us to more comprehensively address the financial needs of our employees.
