Financial Services for Military Members from Bank of America (2024)

FAQs

Is Bank of America waiving annual fees for military? ›

Bank of America may waive annual fees above $100 for military servicemembers and military spouses on Bank of America credit cards. Starting in 2021, multiple data points suggest that the Bank of America® Premium Rewards® Elite Credit Card waives annual fees for MLA covered borrowers.

How to Apply for a Bank of America Balance Assist Personal Loan. Balance Assist allows eligible Bank of America customers to borrow in increments of $100, up to $500. You will complete a loan application online, and, if it's approved, you should receive your funds in minutes.

According to the lender, approval is based on your relationship with the bank and credit-based factors. This likely includes your credit score and credit history, though there is no credit score requirement for Balance Assist.

If you are eligible for military benefits and your interest rate is higher than 6% — or 4% for home loans both owned and serviced by us — your payments can be reduced to reflect the lower interest rate.

You can avoid the Monthly Maintenance Fee when you meet ONE of the following requirements during each statement cycle: • Maintain a minimum daily balance of $500 or more in your account, OR • Ask us to link your account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered ...

If you need cash now, but you're one of the 37% of Americans the Federal Reserve estimates can't cover a $400 emergency expense with cash or its equivalent, you may be able to get $500 or more via a payday alternative loan (PAL), cash advance app, credit card cash advance, or even some personal loans.

Bank of America will perform a hard credit check each time you apply for a Balance Assist loan. However, Bank of America does not disclose its minimum credit score requirement. Checking account history. If your checking account is already overdrawn, you're not eligible.

Manage short-term needs with Balance Assist®

This short-term low-cost loan for checking account customers can help you with unexpected expenses. Apply to borrow up to $500 when you need it, for only a low flat fee.

Tip: If you have Bank of America you can use a feature called “balance assist” that will loan you up to $500 for $5 flat rate. You can also use this feature up to 6 times In one year and have up to 3 months to pay it off.

Can I borrow money from my bank account? ›

Most banks and credit unions let you borrow up to 100% of the amount in your account. These loans may offer lower interest rates than a credit card or personal loan secured without collateral. Remember, if you take out a passbook loan, you will be essentially paying interest on your own funds.

Bank of America credit card approval odds are best for people with a good or excellent credit score of 700+, an annual income of $50,000+, and relatively little debt. Applicants will also need to be 18+ years old with a U.S. mailing address and an SSN or ITIN to get a Bank of America credit card.

Bank of America's Military Talent Acquisition team proudly supports veterans in our communities through education, career opportunities and volunteer events. Among these opportunities is our Veterans program providing development programs for military veterans transitioning to civilian careers.

Recent data points in 2024 suggest Bank of America is waiving annual fees for military servicemembers under Military Lending Act.

Persons Not Entitled to Benefits

Reservists or National Guard personnel not in an active-duty status are not covered under the SCRA. Also, the statute does not protect retired personnel. Servicemembers who may fall under the SCRA's protections, may lose those shields due to the servicemember's own misconduct.

Bank of America may waive your annual fee if you call and make a case for financial hardship. Bank of America may waive the annual fee if you contact customer service at (800) 732-9194 and request a fee waiver.

Make at least one qualifying Direct Deposit of $250 or more to your account, OR • Maintain a minimum daily balance of $1,500 or more in your account, OR • Be a member of the Preferred Rewards program. Learn more at bankofamerica.com/preferred-rewards.

Among the significant benefits of the SCRA for military personnel is a cap on interest rates for pre-service debts. Most banks and credit card issuers will also refund or waive interest and annual fees for financial obligations incurred before a servicemember's active duty period.