Bank of America's EBI program: Empowering millions in corporate America

SME Banking
12/02/2024 News

Bank of America's Employee Banking & Investing (EBI) program continues to make waves, now reaching over 450 corporate and commercial clients, benefiting nearly 4 million employees. Launched in 2020, the program offers top-notch financial education, rewards, and banking and investing tools to bolster employees' financial well-being.

Aron Levine, President of Preferred Banking at Bank of America, anticipates over 500 companies enrolled by mid-year, citing a surge in employer interest in empowering employees with financial knowledge and tools.

The program's reach extends nationwide, catering to companies of various sizes and sectors. TriNet, a leading HR solutions provider, is among the latest to adopt the program, offering it to over 333,000 worksite employees.

TriNet's President and CEO, Burton M. Goldfield, underscores the program's alignment with their mission to support business growth and employee empowerment.

Bank of America's 2023 Workplace Benefits Report reveals a stark reality: while 96% of employers feel responsible for employees' financial wellness, only 2 out of 5 offer financial wellness programs. However, companies providing such programs often enjoy higher employee satisfaction and retention rates.

Through the EBI program, companies can offer premier solutions like Better Money Habits® and Preferred Rewards Gold Tier benefits, enhancing employees' financial literacy and providing valuable incentives.

This initiative is part of Bank of America's broader suite of workplace benefits, addressing employees' near- and long-term financial needs. By seamlessly integrating traditional benefits with banking and investing services, Bank of America aims to support employees comprehensively.

With 95% of U.S. Fortune 1,000 companies and millions of small business clients under its wing, Bank of America is dedicated to understanding and meeting the unique needs of corporate and commercial clients. Wendy Stewart, President of Global Commercial Banking, emphasizes the institution's commitment to delivering integrated benefit plans and financial services, ensuring convenience for clients and a better experience for their employees.

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