Welcome to your special banking benefits

How do I use the Employee Banking and Investing Program to receive special access to BofA Rewards™?

As an employee of a company participating in the Bank of America Employee Banking and Investing Program, you have special access to join the BofA Rewards™ Preferred Plus tier with a balance waiver. To participate, you must:

1. Have an active, eligible Bank of America personal checking account, and
2. Receive all or part of your payroll direct deposit from the participating company into an eligible Bank of America checking or savings account that you own or co-own, and
3. Join BofA Rewards.

Within 60 days after Bank of America identifies your payroll direct deposit into your qualifying personal checking or savings account, you will be eligible to receive BofA Rewards Preferred Plus tier benefits without the standard qualifying balance requirement of $30,000.

Once you've joined BofA Rewards, you may qualify for the higher tiers based on the standard program terms. For full terms, including qualifying accounts and the method of calculation of average balances, refer to your Personal Schedule of Fees.

There is no fee to join or participate in BofA Rewards.

Visit BofA Rewards to learn more.

How do I join BofA Rewards?

You can join BofA Rewards through Online Banking, Mobile Banking, in-person at a Financial Center with a Bank of America teammate, or over the phone with a Bank of America phone associate.

Mobile Banking requires that you download the Mobile Banking app and may not be available for select mobile devices. Message and data rates may apply.

How will I know if I have already joined BofA Rewards?

If you have already joined, you will see a BofA Rewards indicator in your Online Banking, Mobile Banking, and periodic personal checking or savings account statement(s).

Will I automatically join BofA Rewards by having a payroll direct deposit from a participating company?

No. You will need to separately join BofA Rewards to take advantage of your special access to BofA Rewards Preferred Plus benefits.

What if my payroll direct deposit goes into my Bank of America personal savings account?

If your payroll direct deposit only goes into your savings account you will be eligible to join BofA Rewards as long as you also have an active, eligible checking account.

How long will it take to get BofA Rewards Preferred Plus benefits?

It may take up to 90 days to receive Preferred Plus benefits. It may take up to 60 days for Bank of America to identify your payroll direct deposit from a participating company into your eligible checking or savings account. Once Bank of America identifies your payroll direct deposit, and after you join BofA Rewards, you will be eligible to receive Preferred Plus benefits.

It could take up to 30 days for all Preferred Plus benefits to become effective.

I opened a Bank of America personal checking and/or savings account and signed up for payroll direct deposit from a company participating in the Employee Banking and Investing Program. I am still seeing fees that I thought were waived, what do I do?

You may still need to take action to join BofA Rewards to receive Preferred Plus benefits.

You qualify for the Employee Banking and Investing Program benefits once you have an active, eligible personal checking account, after your payroll direct deposit has been received into your eligible checking or savings account and you join BofA Rewards.

In general, it may take up to 90 days to receive Preferred Plus benefits. It may take up to 60 days for Bank of America to identify your payroll direct deposit from a participating company into your eligible checking or savings account. Once Bank of America identifies your payroll direct deposit, and after you join BofA Rewards, you will be eligible to receive Preferred Plus benefits.

It could take up to 30 days for all Preferred Plus benefits to become effective.

If you are still seeing fees that should be waived as part of the benefits of the Preferred Plus tier after you have joined BofA Rewards, please contact us at 888-383-7200 for assistance.

Who is eligible for the Employee Banking and Investing Program special access to BofA Rewards?

Full- and part-time active employees of participating companies who have an eligible Bank of America personal checking account and receive all or part of their payroll direct deposit from the participating company into an eligible Bank of America checking or savings account that you own or co-own have special access to join BofA Rewards.

Does it matter what kind of account my payroll direct deposit goes to?

Yes. All or part of your payroll direct deposit from a participating company must go to an eligible Bank of America personal checking or savings account to qualify for the Employee Banking and Investing Program with special access to BofA Rewards.

Most active Bank of America personal checking or savings accounts where the employee is an owner or co-owner of the personal account receiving the payroll direct deposit qualify. Revocable Trust accounts opened as personal account types when a trustee's SSN is used as the Trust’s TIN will also qualify.

You will not qualify based on direct deposit to small business, commercial, corporate, institution, brokerage and Merrill investment accounts or special ownership accounts (such as accounts on which you are listed as a guardian, custodian, administrator, power of attorney, executor, or representative payee).

What if I leave the company or stop or redirect my payroll direct deposit?

BofA Rewards performs an annual review of your eligibility in the month following the anniversary date of your initial enrollment. The annual review will confirm whether you still meet the following program eligibility requirements:

1. Have an active, eligible Bank of America personal checking account, and
2. Receive all or part of your payroll direct deposit from the participating company into an eligible Bank of America checking or savings account that you own or co-own.

If you don’t have an eligible Bank of America personal checking account and a qualifying payroll direct deposit from another participating company in the three months (grace period) after your anniversary month, standard program terms apply.

Visit BofA Rewards to learn more.

What if my employer stops participating in the Employee Banking and Investing Program with special access to BofA Rewards?

If you’ve already joined BofA Rewards, the balance requirement waiver will continue through the BofA Rewards annual review of your eligibility in the month following the anniversary date of your initial enrollment. If you don’t have a qualifying payroll direct deposit from another participating company, or meet the standard balance requirements for BofA Rewards in the three months (grace period) after your anniversary month, you can maintain your enrollment in BofA Rewards under standard account and balance terms.

Visit BofA Rewards to learn more.

How do I qualify for the other tiers of BofA Rewards?

To qualify for the higher tiers of BofA Rewards, you would need to meet the balance requirements under the standard terms. To ensure that you receive the correct level of benefits and rewards as your assets grow, tier upgrades will be processed automatically every month.

Visit BofA Rewards to learn more.

What are the standard terms to join BofA Rewards?

Under the standard terms, all customers with an open, qualifying personal checking account will be eligible to join BofA Rewards. BofA Rewards will feature the following tiers based on your three-month combined average daily balance in qualifying deposit and investment assets: Member tier, less than $30,000; Preferred Plus tier, $30,000 to $100,000; Preferred Honors tier, $100,000 to $1,000,000; and Premier tier, $1,000,000 or more.

Benefits become effective within 30 days of joining BofA Rewards, or for new accounts within 30 days of account opening, unless we indicate otherwise.

Visit BofA Rewards to learn more.

I've already joined BofA Rewards, will the Employee Banking and Investing Program affect my current BofA Rewards status?

If you are already a BofA Rewards Member with assets less than $30,000, you have special access to the Preferred Plus tier with a balance waiver.

If you are already enrolled in a BofA Rewards tier higher than Preferred Plus, you will maintain those benefits with standard terms. If you no longer meet balance requirements for your current tier, but you continue to receive your payroll direct deposit from a participating company, you can still qualify for the Preferred Plus tier.

Who can I speak to if I have additional questions about the Employee Banking and Investing Program or BofA Rewards?

There is a team of specialists to help you with any questions. To speak to a specialist, call 888-383-7200.