Unlock the power of connected investing and banking

¹ The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

 

² BofA Global Research is research produced by BofA Securities, Inc. (“BofAS”) and/or one or more of its affiliates. BofAS is a registered broker-dealer, Member SIPC, and wholly owned subsidiary of Bank of America Corporation.

 

³ 2Q25 Federal Financial Institutions Examination Council (FFIEC) Call Reports.

 

⁴ Annual Report 2024; Bank of America.

 

⁵ As of August 2025.

 

⁶ Mobile check deposits are subject to verification and not available for immediate withdrawal. Other restrictions apply. In the Mobile Banking app menu, select Menu > Help > Browse More Topics > Mobile Check Deposit for details and other terms and conditions. Message and data rates may apply. This service is not available to the child on a SafeBalance® for Family Banking account.

 

⁷ Alerts. You may elect to receive alerts via Mobile app push notification, text or email. Factors outside of our control may affect when you receive alerts from us. These include your email provider, email settings, your mobile carrier, device and app settings. Device must support ability to receive push notifications. Mobile app alerts are not available for all devices or in our web-based Mobile Banking. Bank of America does not charge for alerts, but your mobile carrier’s message and data rates apply.

 

⁸ Fees or other costs may apply to wire transfers. For SafeBalance Banking® for Family Banking accounts, the parent owner can send and receive wire transfers but their child using the account cannot. See the Online Banking Service Agreement for details. Data connection required. Carrier fees may apply.

 

⁹ The mobile feature, Erica(R), is only available in the English language. The feature requires that you download the latest version of the Mobile Banking app and is only available in the Mobile Banking app for select iOS and Android devices. Message and data rates may apply. Your chat may be recorded and monitored for quality assurance. For SafeBalance Banking® for Family Banking accounts, the parent owner and their child age 13 or older have access to Erica.

 

¹⁰ BofA Rewards™ Eligibility. Customers can enroll and maintain their membership in BofA RewardsTM if they have an open, qualifying Bank of America® checking account. BofA Rewards tiers are based on each customer’s combined average balance in qualifying deposit and investment accounts. The minimum balance for each tier is: Member, no minimum balance; Preferred Plus, $30,000; Preferred Honors, $100,000; and Premier, $1,000,000. When you enroll, you’ll be placed in the appropriate tier for your combined average balance and then moved to the highest tier you’re eligible for based on one of the following:

 

1. for the 30 calendar days following your first enrollment, the combined end-of-day collected balance of your qualifying accounts (“Daily Balance”), provided that your Daily Balance remains above the required amount for a minimum of three business days; or 
2. subsequently, the combined average balance of your qualifying accounts calculated on the third business day of each month. 

 

Eligible customers will be moved to the higher tier within 3 business days. New tier benefits may take up to 30 days to become effective. For full terms, including qualifying accounts and the method of calculation of average balances, refer to your Personal Schedule of Fees, available at bankofamerica.com/fees.

 

Additional Eligibility. Employees and retirees of Bank of America may be eligible for BofA Rewards membership on customized terms. For details, please call Employee Financial Services or refer to the Bank of America intranet site. Bank of America Private Bank clients qualify to enroll in the Premier tier regardless of balances. Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible to participate on customized terms.  Refer to CEBI Program for details.

 

¹¹ Credit Card BofA Rewards™ Bonus. Certain credit cards are eligible to receive a BofA Rewards™ bonus. Enrolled BofA Rewards members with eligible Bank of America® credit cards can receive a BofA Rewards bonus of 10% for the Member tier, 25% for the Preferred Plus tier, 50% for the Preferred Honors tier, or 75% for the Premier tier. If your card receives the 10% customer bonus, the BofA Rewards bonus will replace the 10% customer bonus. The BofA Rewards bonus for eligible cash rewards credit cards will be applied after all base and bonus cash rewards have been calculated on a purchase. For example, a $100 purchase that earns 3% ($3.00) will actually earn $3.30, $3.75, $4.50 or $5.25 based on your tier when the purchase posts to your account. For all other eligible card types, a purchase that earns 100 base points will actually earn 110, 125, 150, or 175 points, based on your tier when the purchase posts to your account. The BofA Rewards bonus also does not apply to the bonus earn for certain programs and is not applied to any account opening bonus or non-standard rewards that are part of a special offer, unless we indicate otherwise. If you enrolled in Preferred Rewards before May 26, 2026 your credit card account may be eligible for an extended card benefit. Sign in to BofA Rewards for more details. Other terms and conditions apply. Please refer to your card’s Program Rules for details about how you can receive the BofA Rewards bonus. Program Rules are mailed upon account opening and are accessible through the rewards redemption site via Online Banking or by calling the number on the back of your card. Refer to bankofamerica.com/BofARewards for a complete list of ineligible cards.

 

¹² My Credit My Credit, including FICO® Score, is for educational purposes only and accessible through Mobile and Online Banking.  Certain My Credit features, content and related material may be available only in English. You must be at least 18 years of age, be an owner or co-owner of an eligible Bank of America consumer account, have a Social Security number, and have a U.S. address in your Online Banking profile.  Data connection required.  Carrier fees may apply. Fraud & Identity Monitoring is available for clients enrolled in BofA Rewards™. To learn more, visit bofa.com/MyCredit.

FICO® is a registered trademark of Fair Isaac Corporation in the United States and other countries.

 

¹³ BofA Rewards™ Lifestyle Benefits. You must be enrolled in the BofA Rewards™ program’s Preferred Honors or Premier tiers to be eligible for lifestyle benefits or experiences. Lifestyle benefits are provided by third-party vendors not affiliated with Bank of America®. Terms and fulfillment of the offers are the responsibility of the third-party vendors, not of Bank of America. Bank of America does not provide your customer information to the third-party vendor, but by contacting them to take advantage of an offer you will identify yourself as a Bank of America customer. Some offers may be open only to a limited number of BofA Rewards members. Offers can change without notice. You must be 21 years of age or older to participate in offers which include alcohol.

 

¹⁴ BofA Rewards™ Subscription Credits. In order to be eligible for the subscription credit benefit, you must:

1. Be enrolled in the BofA Rewards program’s Preferred Honors or Premier tiers.

2. Agree to the full terms of the subscription credit benefit from the subscription credit benefit page within BofA Rewards. Make payments directly to eligible merchants using your Bank of America debit card linked to a checking account that you designate via the subscription credit benefit page.

3. Make payments directly to eligible merchants using your Bank of America debit card linked to a checking account that you designate via the subscription credit benefit page.

Preferred Honors tier members may receive statement credits up to $8 per month, and Premier tier members may receive up to $15 per month. Eligible merchants are subject to change without notice. Currently eligible merchants can be found on the subscription credit benefit page.

 

¹⁵ The Loan Management Account® (LMA® account) is a demand line of credit provided by Bank of America, N.A., Member FDIC. Equal Opportunity Lender. The LMA account requires a brokerage account at Merrill Lynch, Pierce, Fenner & Smith Incorporated and sufficient eligible collateral to support a minimum credit facility size of $100,000. All securities are subject to credit approval and Bank of America, N.A. may change its collateral maintenance requirements at any time. Securities-based financing involves special risks and is not for everyone. When considering a securities-based loan, consideration should be given to individual requirements, portfolio composition and risk tolerance, as well as capital gains, portfolio performance expectations and investment time horizon. The securities or other assets in any collateral account may be sold to meet a collateral call without notice to the client, the client is not entitled to an extension of time on the collateral call, and the client is not entitled to choose which securities or other assets will be sold. The client can lose more funds than deposited in such collateral account. The LMA account is uncommitted and Bank of America, N.A. may demand full repayment at any time. A complete description of the loan terms can be found within the LMA agreement. Clients should consult their own independent tax and legal advisors. Some restrictions may apply to purpose loans, and not all managed accounts are eligible as collateral. All applications for LMA accounts are subject to approval by Bank of America, N.A. For fixed rate and term advances, principal payments made prior to the due date will be subject to a breakage fee.

 

¹⁶ Credit facilities are provided by Bank of America, N.A., Member FDIC, its subsidiaries or other bank subsidiaries of Bank of America Corporation, each an Equal Opportunity Lender . All loans and collateral are subject to credit approval and may require the filing of financing statements or other lien notices in public records. Asset-based and securities-based financing involves special risks and is not for everyone. When considering an asset-based and/or securities-based loan, consideration should be given to individual requirements, asset portfolio composition, and risk tolerance, as well as capital gains, portfolio performance expectations and investment time horizon. For any loan with securities collateral, the securities or other assets in any collateral account may be sold to meet a collateral call as provided in the definitive loan documents and the client is not entitled to choose which securities or other assets will be sold. A complete description of the loan terms will be found in the individual credit facility documentation and agreements. Clients should consult with their own independent tax and legal advisors.

 

¹⁷ Fees may apply to certain transfers. For SafeBalance Banking® for Family Banking accounts, the parent owner can send and receive transfers but their child using the account cannot. See the Online Banking Service Agreement for details. Data connection required. Carrier fees may apply.

 

¹⁸ Zelle® should only be used to send money to friends, family or others you trust. We recommend that you do not use Zelle® to send money to those you do not know. Transfers require enrollment in the service with a Zelle® eligible U.S. checking or savings account. Bank of America transfers must be made from an eligible consumer or business deposit account. Transactions between enrolled users typically occur in minutes and Bank of America does not charge a transfer fee. We will send you an email alert with transaction details after you send money using Zelle®. Dollar and frequency limits apply. See the Online Banking Service Agreement at bankofamerica.com/serviceagreement for further details. Data connection required. Message and data rates may apply. Neither Bank of America nor Zelle® offers purchase protection for payments made with Zelle®. Please treat Zelle® payments like cash, once you send the money, you are unlikely to get it back – for example, you do not receive the item you paid for using Zelle® or the item received is not as described. Regular account fees apply. Zelle® is not available on Bank of America Advantage SafeBalance Banking® for Family Banking accounts.

 

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

 

¹⁹ Bill Pay payments made through a Bank of America Advantage SafeBalance Banking® or Bank of America Advantage SafeBalance Banking® for Family Banking account will be withdrawn from your account before delivery to the payee. If there are not enough funds in your SafeBalance Banking® or SafeBalance Banking® for Family Banking account when we attempt to withdraw the payment amount, the payment will not be sent. For SafeBalance Banking® for Family Banking accounts, the parent owner can use Bill Pay but their child using the account cannot. Not all payees accept electronic payments. Please see the Online Banking Service Agreement for details.