Bank of America adding free, low-income finance counseling at a DC branch

Bank of America is expanding its pilot program with nonprofit Operation HOPE, adding financial counseling for low- and moderate-income individuals to more cities, including a branch location in Northeast D.C.

The program, called HOPE Inside, was first introduced in four financial centers in Atlanta and Los Angeles. The two organizations will expand the service in those markets, as well as D.C., Baltimore, Boston, Brooklyn, Charlotte, Chicago, Dallas, Detroit, Houston, Miami, Northern New Jersey, Philadelphia, Phoenix, San Antonio and San Francisco.

The D.C. branch is at 3821 Minnesota Avenue, NE.

Operation HOPE and Bank of America said the program, which offers in-person financial health coaching sessions to help build savings, cut debt and improve credit scores has been successful.

On average, participating clients improved their FICO scores by 21 points, increased their annual savings by more than $4,000 and cut annual debt by more than $800.

“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,” said Aron Levine, president of preferred banking at Bank of America.

Clients are referred to an Operation HOPE financial well-being coach and get monthly credit and money management counseling at no cost. Counseling is available in both English and Spanish.

A map of the Bank of America location is below.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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