The financial institution said that it is rolling out its Business Advantage Relationship Rewards program, offering small businesses a suite of rewards and benefits. Access to those rewards grows as companies’ Bank of America business deposit and Merrill Edge and Merrill Lynch investment balances grow.
Small businesses with a three-month average combined balance of at least USD 20,000 in Bank of America accounts or Merrill Edge or Merrill Lynch investment accounts can enroll in the loyalty program, which offers Gold, Platinum and Platinum Honors levels. Benefits include card reward bonuses, cash rewards, interest rate boosts on savings accounts, interest rate discounts on small business loan products, enhanced customer service and payroll fee refunds, among others.
Bank of America noted the program was developed on its existing Bank of America Preferred Rewards program, which was launched in 2014 as a consumer rewards program. The financial institution cited findings of its recent Small Business Owner Report, which noted 82% of entrepreneurs agree that rewards from vendors and businesses boost their loyalty.
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