What Are Bank of America’s Employee Benefits?

FT Contributor  | 

Before you accept a job offer, part of the process is reviewing the benefits you’ll receive as an employee. Many companies offer comprehensive perks packages that cover everything from salary to other benefits such as the costs of healthcare, time off, and even retirement.

Bank of America is a U.S.-based organization that offers its employees a wealth of benefits that cover a range of needs. If you’re looking to work at Bank of America and are curious about the types of benefits you can expect to be offered, this guide will help you gain an understanding of their benefits packages as well as how you can get the most out of your employee benefits.

Bank of America Careers and Job Outlook

Bank of America offers a variety of careers, including full-time and part-time roles, as well as salaried and non-salaried — or hourly — positions. From investment advisors to Relationship Managers, there are a number of roles Bank of America offers to those in the industry with varying experience levels.

Bank of America prides itself on creating a positive company culture where employees can flourish. They strive to generate an environment where employees are encouraged to bring their “whole selves to work.” Through performance reviews and skill development, Bank of America employees are encouraged to grow within the company.

Bank of America offers a range of benefits packages designed to meet the needs of each employee they hire. Typically benefits packages are only offered to full-time employees, but some part-time employees may be eligible for a few benefits, like time off.

Health Benefits

Bank of America offers comprehensive medical, dental and vision plans to cover employees and their family members. Employees have a choice between Aetna, Anthem, United Healthcare, Kaiser Permanente, and CVS Health for healthcare coverage and prescriptions. Dental providers include Aetna and MetLife. Vision is covered by Aetna as well.

Time Off

Bank of America offers employees paid and unpaid time off. How much paid time off (PTO) an employee receives depends on the type of employee they are, as well as their tenure. A new employee may only receive two weeks of PTO, while someone with 10 years at the company may have an entire month of PTO. Paid time off includes vacation time as well as sick days.

In the event that an employee needs to take an extended leave, to care for a family member or serve in the military, Bank of America will grant a leave of absence. This is a benefit that guarantees an employee their job upon their return. Additionally, if an employee uses all of their PTO but still requires time off, Bank of America will allow that employee to purchase additional days off.

Like many other financial institutions, Bank of America is closed on all federal holidays. 

Parental Leave

Bank of America offers maternal and paternal leave for new parents. Some of that time is paid, while the rest is unpaid. As a new parent, you can take a total of 26 weeks off. The first 16 weeks are paid parental leave, while any additional leave — up to 10 weeks — is unpaid leave.

Bank of America’s parental leave is flexible, too. New mothers can extend their leave by returning to work for a period of time after their initial maternity leave. Their leave must be within the first 12 months of the baby’s arrival. Similarly, new fathers and adoptive parents can take leave at any time within the first 12 months of the baby’s birth.

Retirement

Bank of America offers employees a substantial retirement package, allowing them to put up to 5% of their pay into a 401(k) account with company matching contributions. In addition, employees can make 2% to 3% in annual contributions, depending on their tenure with the company.

In addition to those retirement contributions, Bank of America provides employees with financial counseling so they can make smart decisions about retirement, financial goals, and their benefits coverage.

Other Bank of America Benefits

In addition to the standard employee benefits discussed previously, Bank of America offers its employees a few other perks as part of their benefits package.

Employee Discount

Bank of America employees can take advantage of discounts at a variety of retailers and online stores simply for working there. Employees can also take advantage of discounts on travel costs, including vacation packages, flights, car rentals, and hotel accommodations.

Certain sporting events, live concerts, and other ticketed events are also offered at a discount to Bank of America employees. Additionally, if you purchase a low-carbon vehicle or have solar panels installed in your home, Bank of America will reimburse employees for a portion of the purchase.  

Tuition Reimbursement

Bank of America wants its employees to continue to learn and grow, so they offer tuition reimbursement as a benefit. Employees may be reimbursed for any eligible undergraduate and graduate courses they take that are relevant to their job duties. Bank of America also provides employees with access to free academic advisors so that they can choose the best course of action.

Professional Growth

Bank of America wants to see its employees grow and succeed. To achieve this, leadership-supported programs, as well as learning and development resources, are provided to employees to facilitate their advancement within the company. Through performance reviews and skill development, employees are able to achieve professional growth.

Volunteer Grants

Bank of America also wants its employees to give back to their communities. The company offers volunteer grants of up to $500 so that employees can donate their time to a cause they care about.

Charitable Donations and Matching Gifts

Bank of America matches its employee’s gifts and charitable donations to eligible non-profit organizations. Employees can set these contributions up as a one-time donation or a recurring donation.

With this knowledge of what to expect in terms of benefits from Bank of America, you’ll be better equipped to negotiate for the benefits you may want or need and compare these benefits packages with offers you receive from other companies.


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