Growing list of companies adding wellness tools and resources to help employees live their best financial lives
Bank of America announced that over 450 corporate and commercial clients have enrolled in its Employee Banking & Investing (EBI) program – more than doubling the number of companies in the program from two years ago. Introduced in 2020, the program now provides nearly 4 million employees access to industry-leading financial education, rewards, and banking and investing capabilities to support their short-and long-term financial health.
“By the middle of this year, more than 500 companies will be enrolled in our Employee Banking & Investing program,” said Aron Levine, President, Preferred Banking at Bank of America. “This accelerated growth reflects employers’ interest in providing valuable benefits and resources that empower employees with greater knowledge and tools to manage their financial lives and pursue their goals.”
Corporate clients nationwide offering the Bank of America program to their employees range from large and mid-sized companies across a variety of industries. This month, TriNet became one of the newest companies to roll the program out to its more than 333,000 worksite employees and colleagues. Based in Dublin, CA, TriNet is a leading provider of comprehensive human resources solutions for small and medium-size businesses.
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“At TriNet we strive to power the success of small and medium-sized businesses by supporting their growth and enabling their people in addition to providing access to programs such as Bank of America’s Employee Banking & Investing program,” said Burton M. Goldfield, President and CEO of TriNet. “We are thrilled to partner with Bank of America to offer this amazing program to our valued customers and TriNet colleagues.”
According to Bank of America’s 2023 Workplace Benefits Report, 96% of employers feel a sense of responsibility for their employees’ financial wellness, yet only 2 out of 5 employers offer financial wellness programs. This research study, conducted annually for over a decade, also found that companies who offer these programs will continue to stand out as employers of choice, often see higher rates of employee satisfaction and retention, and noticeable reductions in employee stress.
Through enrollment in the program, companies have the potential to extend greater financial benefits to their employees, including two premier Bank of America solutions: Better Money Habits® – an online resource and live seminar series on a wide range of topics designed to help increase employees’ financial knowledge; and Preferred Rewards Gold Tier benefits which reward members with credit card bonuses, interest rate boosters, and more.
The Employee Banking & Investing program is part of the company’s broader 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 plans, health savings, equity compensation and non-qualified deferred compensation plans – 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.
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 4 million small business clients.
“Our corporate and commercial clients appreciate working with a financial institution who understands the unique needs of their company and their employees,” said Wendy Stewart, President, Global Commercial Banking. “By helping employers connect their workforces to a range of integrated benefit plans and financial services, we’re creating convenience for our clients and a better experience for their employees.”
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