Financial goliath Bank of America plans to expand its existing program to reimburse associates who purchase new hybrid vehicles. The nation’s second largest bank will now offer a $3,000 reimbursement to more than 185,000 associates living within ninety miles of the three pilot cities: Boston, Massachusetts; Charlotte, North Carolina; and Los Angeles, California.
“Our associates were very enthusiastic about this program and have responded well to the opportunity,” said Anne Finucane, Bank of America chief marketing officer and head of the company’s environmental council. “In fact, since we launched the program, and within the three cities where it was piloted, hybrid vehicle purchases by our associates have more than quadrupled. The program continues to expand our commitment to the environment and offers our associates a way to participate in making a difference while cutting down on their commuting costs.”
Bank of America associates are eligible for the reimbursement only once and must meet the qualifications as defined by the Internal Revenue Service’s hybrid vehicle tax credit program. Associates must work at least twenty hours per week to qualify. The company is currently looking at ways to expand the program and offer more associates the opportunity.
Bank of America is one of the world’s leading financial institutions, serving 55 million U.S. customers alone. The company is the leading Small Business Administration (SBA) lender in the United States and the leading SBA lender to minority-owned small businesses. Bank of America banking facilities are available in 175 countries around the world.