The FINANCIAL — Bank of America announced that more than 200 of its corporate and commercial clients across the U.S., representing nearly 3 million employees, have adopted its Corporate Employee Banking and Investing program. Introduced in early 2020, this program was created to help large and mid-sized companies better support the everyday banking1, lending1 and investing2 needs of their employees and help improve the overall financial wellness of their workforces.
“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. “We’re pleased with the early adoption among our corporate and commercial clients, and with the feedback they’ve shared about the positive impact the program is having across their workforces.”
“We’re proud to support our colleagues and their families with comprehensive benefits and participation in this program is another way that we can do that,” said Jennifer Berres, HCA Healthcare’s Senior Vice President & Chief Human Resources Officer. “This partnership helps provide our colleagues with affordable banking services, including lower fees, so they can better pursue their personal financial goals.”
According to Bank of America’s 2021 Workplace Benefits Report, 95% of employers feel a sense of responsibility for their employees’ financial wellness. This research study, conducted annually for over a decade, also found that employers are expanding workplace wellness programs beyond retirement planning to address a wider range of financial topics. For example, 45% of employers now offer support to develop good financial habits, up from 39% in 2020, and 42% offer access to financial products or services, up from 33% in 2020.
Corporate Employee Banking and Investing was launched nationally in 2020 as part of the company’s broader Financial Life Benefits® program. Financial Life Benefits offers a suite of workplace benefits and solutions designed to help meet the near- and long-term financial needs of employees. This complete offering brings together traditional financial benefits – including retirement plans2, health savings2, equity compensation2 and non-qualified deferred compensation plans2 – with a range of banking and lending capabilities from Bank of America and investing capabilities from Merrill to help address employees’ financial needs more comprehensively.
“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.”
Today, 95% of the U.S. Fortune 1,000 companies have a relationship with Bank of America. In addition, the company serves approximately one in five U.S. middle market companies, as well as more than 3 million small business owners.
“Our corporate and commercial clients appreciate working with a single provider who understands the unique needs of their company and their employees,” said Wendy Stewart, President, Global Commercial Banking. “By helping employers connect their employees to a range of integrated benefit plans and financial services, we’re creating convenience for our clients and a better experience for their workforces.”