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Bank of America expands rewards program for existing customers

Bank of America expands rewards program for existing customers

For those who deposit monthly less than $20K, forget it, BofA program doesn’t apply to you. Sounds like BofA is not getting bites from their customers that over $50K which was BofA’s original program…

Bank of America Corp will announce on Monday it will lower the threshold for consumers who qualify for discounts on loans and other benefits as the No. 2 U.S. bank seeks to win more business from existing customers.

Clients who have at least $20,000 in deposits and investments at the bank will be eligible for the benefits, according to an advance announcement reviewed by Reuters. The changes will be phased in starting this week.

Previously, the threshold was a minimum of $50,000 in deposits and investments.

The bank is offering lower rates on mortgages and home equity loans, higher interest rates on savings accounts and free stock trades to members of its new “preferred rewards” program.

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