Bank of America Stock Price, News & Analysis

Bank of America announced a new zero down payment, zero closing cost mortgage aimed at first-time homebuyers in select Black/African American and Hispanic-Latino neighborhoods across major cities like Charlotte and Los Angeles. The Community Affordable Loan Solution is part of a broader $15 billion commitment to enhance homeownership access for multicultural families. The program eliminates mortgage insurance and minimum credit score requirements, focusing on timely payments for eligibility. Bank of America’s existing initiatives have already aided over 36,000 families, distributing more than $9.5 billion in low down payment loans.

Bank of America has awarded a $200,000 grant to Saint Elizabeth University to support the Progresando Initiative, aimed at enhancing economic mobility for Hispanic-Latino students in healthcare. Over two years, the initiative is expected to double the number of students pursuing healthcare degrees, addressing the shortage of Spanish-speaking providers. The grant will fund a bilingual academic coach, a career advisor, and emergency support for students. SEU, one of 12 Hispanic Serving Institutions involved, is committed to improving equity and inclusion in healthcare.

Bank of America reported a record-high usage of its digital platforms, with nearly 1 billion logins in July 2022 and 2.8 billion logins in Q2, a 11% year-over-year increase. The bank now has 55 million verified digital clients, up 5% from the previous year. Over 72% of households utilize digital channels for daily banking, while clients engaged with tools like Life Plan® and Merrill Guided Investing see significant increases in goal tracking and account usage. Furthermore, Bank of America's Preferred Rewards program boasts $1.5 trillion in assets across 10 million clients.

Bank of America will host its second annual virtual electric vehicle show titled "EVolution" on September 9, 2022, coinciding with World Electric Vehicle Day. Renowned manufacturers like Daimler, Lucid, Mercedes Benz, and Volvo Cars will participate to showcase their latest electric vehicles. The event aims to educate the public on EV trends, financing, sustainability, and features.
The bank emphasizes its commitment to environmental sustainability, having set goals to achieve net-zero greenhouse gas emissions by 2050 and plans to deploy $1.5 trillion in sustainable finance by 2030.

Bank of America announced over $1.2 million in grants to 53 organizations in Atlanta, focusing on workforce development, education, and basic needs for vulnerable communities. The initiative aims to enhance economic opportunities as Atlanta's unemployment rate stands at 2.9%, below the national average of 3.6%. This philanthropic effort is part of the bank's strategy to support local nonprofits and drive social progress in the region. Notable recipients include the Georgia Justice Project, helping individuals impacted by the criminal justice system.

Grubhub and Bank of America have partnered to offer eligible Bank of America cardholders a one-year complimentary membership to Grubhub+, which includes $0 delivery fees on orders of $12 or more. This offer, valued at nearly $120, aims to enhance customer value and drive orders to local restaurants. Grubhub+ members will also support charity through Grubhub's Donate the Change program. The promotion is available until April 20, 2023, and automatically renews at $9.99 per month after the trial period.

Bank of America has reported a 90% decline in overdraft service fees for its consumer checking accounts in June and July, following significant changes to its overdraft policies. Key measures include eliminating non-sufficient funds fees and reducing overdraft fees from $35 to $10. Approximately 45% of new checking accounts are now SafeBalance accounts, which impose no overdraft fees. The bank aims to reduce consumer overdraft fees by 97% from 2009 levels by next year. Despite these changes, client overdraft fees accounted for less than 0.4% of total revenue in Q2 2022.

The partnership between Liberty Science Center (LSC) and Bank of America aims to enhance job readiness in STEM fields for underserved high school students in New Jersey. A two-year pilot program at James J. Ferris High School and Memorial High School focuses on cybersecurity skills, addressing the shortage of qualified professionals in this sector. The initiative targets 20-30 students from each school, providing them with valuable skills and potential job offers at Bank of America upon successful completion. This program is part of a broader effort to improve workforce readiness amid a growing demand for STEM jobs.

Apex Clean Energy has announced financing for the 224 MW Great Pathfinder Wind project, with a tax equity commitment from Bank of America. This project supports Meta through a power purchase agreement, marking Apex’s fifth collaboration with the tech giant. Upon completion, the wind facility in Iowa is expected to generate $73.9 million in local tax revenue and create nearly 300 jobs during construction. Apex aims to deliver over $50 billion in additional renewable energy projects, reinforcing its commitment to clean energy solutions.