Bank of America announced Tuesday that it will offer no-cost financial counseling to customers in 17 cities, starting next year. That’ll include locations in Charlotte.
If you’re looking to pay down debt, raise your credit score or reach a savings goal in the new year, you can find some free professional help at a local Bank of America branch starting next month.
The Charlotte-based bank announced Tuesday that it’s partnering with Operation HOPE, a financial education nonprofit, to offer no-cost financial counseling to customers in 180 bank branches across the country. That’ll include locations in Charlotte and 16 other cities across the U.S., according to a news release from the bank.
Charlotte will be the only city in the Carolinas to offer the counseling.
The program is open to all customers but will be primarily based in branches in low- to moderate- income communities, said Christine Channels, Bank of America’s head of community banking.
“There’s a real need in these communities for more financial literacy and more counseling when it comes to financial goals,” Channels said. “It also helps with consumers that may have had some financial damage, particularly over the last few years with all of the things we’ve seen through the pandemic, like job losses.”
Through the program, bank branch employees can refer customers to Operation HOPE’s financial coaches, who can provide free monthly counseling sessions focused on credit and money management. Customers can access sessions in English and Spanish at most locations.
Bank of America launched the program at four branches in Atlanta and Los Angeles, according to the news release. At those centers, participating customers raised their FICO scores by 21 points and increased their yearly savings by $4,313 on average, the bank said.
“By having one-on-one coaching, being able to meet every month and talk about your financial goals… It’s really created that accountability that has made a significant difference in consumers’ lives,” Channels said.
Bank of America plans to continue expanding the program to more cities and branches, she added. “We’re looking for centrally located centers that can cover the most people where we see the direct need.”
Customers who are interested in the program can ask an employee at their local branch about a referral.
’They all fit together’
The free financial counseling program is the second equity-focused initiative that Bank of America has announced in the last several months.
In September, the bank announced it was testing a new program that offers home loans with no down payments and no closing costs to first-time homebuyers in Black and Latino communities. It’s available in five cities, including in Charlotte.
“They all fit together,” Channels said. “We know literacy is important, access to products and services is important, (and so is) access to credit, jobs and capital.”
