Our Ongoing Commitment to the Military Includes Philanthropy, Increased Hiring, and Donated Homes for Veterans
Oct 21, 2012
For more than 90 years, supporting the military has been a focus for Bank of America. Our commitment includes funding for charitable organizations, offering banking services for service members, recruiting and hiring veterans, and donating homes to injured service members. In the last several years, recognizing the need, we have broadened our programs for service members, veterans and their families, and our employees who have served in the military. Here are some of the programs and products we have developed to improve the lives of those who have served our country.
Philanthropy and community outreach
Bank of America supports a wide range of nonprofit organizations that help members of the military and their families, including programs that assist service members and veterans achieve financial empowerment. Our efforts include financial education and coaching taught by our employees through the bank’s Community Volunteers Program. We also provide financial education, wealthbuilding and tax-preparation services and scholarship opportunities for service members and their families through nonprofits including Wounded Warrior Project, Student Veterans of America, Military Saves, Special Operations Warrior Foundations and National Disability Institute. Wounded Warrior Project, for example, provides financial education and job training for wounded service members, helping them re-enter the workforce.
We are also committed to making up to 1,000 homes available nationwide by donating them to Habitat for Humanity, military veteran-support charities and other nonprofit community-based organizations. In addition to providing housing for families in need, donating homes helps stabilize neighborhoods and aids the recovery of the housing market. The houses will be provided to those who have served our country, including 1,000 for injured military veterans and first responders.
Recruiting and hiring
Military service members bring important skills and life experiences to the bank and so we actively work to attract, develop and retain them. We currently employ nearly 6,000 active service members and veterans. We have exceeded our goal of doubling our hiring of veterans and integrating them into our workforce. To help make this happen, we have set up a dedicated team of specially trained recruiters who, in addition to their own efforts, will partner with a variety of organizations to identify and hire top talent. For details on our military and veteran recruiting efforts, visit http://careers.bankofamerica.com/military/.
Employee support and engagement
We also offer a wide range of programs to engage military service members and their families who work for the bank. The company provides paid military leave for up to five years, including continued medical and insurance benefits and personal financial management, when employees are called to active duty.
Our support for employee veterans, military service members and their families is provided primarily through our Military Support and Assistance Group (MSAG). The group is a network for veterans and their families, as well as active duty/reserve military and other employees to work together on areas of common interest and to support those affected by their experiences of military life. They also work to create opportunities for advancement and leadership development through networking, mentoring and information forums. Last year, MSAG started a program that provides peer-based support to Bank of America employees during their transition to and from active duty.
Banking products and services
Bank of America offers products for active duty personnel and their families, military veterans and retirees, and other government employees. We currently provide full-service banking to more than two million active and retired military households. For details, service members can visit their local Bank of America banking center. And through a partnership with the Department of Defense, we provide service members overseas with more than 70 branches and 300 ATM locations outside the U.S.
An ongoing commitment
According to Andrew Plepler, Bank of America’s Corporate Social Responsibility and Consumer Policy executive, “Through our Corporate Social Responsibility work, we reach out to individuals and families to address issues related to housing, employment, financial assistance and basic needs. Our focus on military service members is critical to our overall efforts and will provide the support and guidance they need as they leave active duty.”