CHARLOTTE, N.C. — Bank of America announced it will offer free financial counseling to help people who are struggling with their money.
Bank of America's free financial counseling will be offered in 17 U.S. cities, including Charlotte, as part of a partnership with the nonprofit Operation HOPE. The counseling will be offered at 180 banks starting next year following a successful launch in Atlanta and Los Angeles.
The new program is designed to help people build savings, reduce debt and improve their credit scores.
"We know that these are challenging times, as both communities and consumers are dealing with economic stress and potential financial instability," Aron Levine, Bank of America's president of Preferred Banking, said. "Good financial health is the foundation for strong, sustainable communities and our partnership with HOPE Inside helps us deliver on our commitment to ensuring more young people, adults and communities have access to the tools and education to build a solid financial future."
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
HOPE Inside has provided more than 2,700 counseling services based on Bank of America referrals as of the second quarter of 2022, Bank of America said in a news release. On average, people participating in the program have raised their credit scores by 21 points, increased yearly savings by $4,300 and reduced annual debt by $837.
Bank of America's CEO recently announced plans to reduce the company's workforce to cut expenses over fears of a looming recession. Brian Moynihan said his plan will lower the head count without laying off current workers by retraining existing employees to fill voids left by individuals who voluntarily leave Bank of America.