Tomahawk, WI 06/24/2014 (Basicsmedia) – Bank of America Corp (NYSE:BAC) has gained momentum in overall trading, after a roller coaster, as it announced early on Monday that it has plans to lower down the overall threshold for being eligible to apply for a myriad of discount options, to gain a bolstered customer base.
Threshold Lowered To Attract Customers
As a premier, top notch US bank, Bank of America Corp (NYSE:BAC) has taken up strategic measures and made a series of amendments in its operations, to garner greater benefitting businesses from its existing consumer base.
BAC has announced that individual client who has more than $20K at the bank’s dispositions as deposits or other means of investments coordinated through the bank, can avail the amended benefits for the discount options available. BAC has strategically brought down the threshold figure to $20K from a whopping $50K in investments and deposits.
‘Preferred Rewards’ Program Objective
On the basis of a ‘Preferred Rewards’ program, the bank vouches to levy lower rates for mortgage or home-equity loans and free beneficiary stock trading options for its customers; however, the interest rates are deemed to shoot up on the available savings accounts.
The CEO of Bank of America Corp (NYSE:BAC), Brian Moynihan is of the view that the added benefits would drive larger investments, boosting overall revenues. Further, BAC has plans to involve each of its employees in a bid to push-sell its brokerage services to investment banking customers from a varied fraternities.
$100 Billion ‘Jackpot Target’!
In this bid, Bank of America Corp (NYSE:BAC) has recently hired a number (aptly in thousands) of various investment advisors who has had prior experiences with retail branches, focusing on online brokerage; the company has a target of hitting $100 billion in the realm of asset-management in the next four years or so.
This phenomenal special ‘Preferred Reward’ scheme shall be introduced to a number of customers across the US in four distinct phases; the first phase shall be levied October 2014 onward. Dean Athanasia, a BAC Executive-In-Charge retorted that this measure shall help the organization re-pivot itself, and would help the customers to draw profits four-to-five times in excess, growing by leaps and bounds.