Add homeownership benefits to the list of hand-ups BNY is offering its lowest-paid workers.
The nation’s oldest bank, in recent years, has made a habit of giving 10 shares of company stock to all eligible new employees. It also, relatively quietly, beat Bank of America to a long-publicized goal of raising its minimum wage to $25 an hour.
Now, BNY is offering $6,500 in down payment assistance to bank employees who make $100,000 a year or less, to be used toward the purchase of their first home, according to a Wednesday release.
“Homeownership is a pathway to financial security and economic prosperity, and we’re committed to helping our people reach it,” BNY CEO Robin Vince said Wednesday in a statement. “By offering benefits that strengthen financial wellness and family stability, we are investing in our employees and the communities we serve — helping build a more resilient economy.”
All of BNY’s U.S. employees will have access to on-demand digital homeowner education and live seminars through a third party, covering subjects such as budgeting, credit readiness, mortgage options, closing costs and long-term planning, the bank said. Employees can also access mortgage origination and benefits enabled by BNY and provided by a third party, the bank said.
“BNY has made a strong commitment to making all employees feel a part of BNY’s growth journey,” the bank said in a Wednesday press release. “The new homeowner program complements this commitment and BNY’s broader suite of holistic, leading benefits that aim to enhance financial well-being for employees across every life stage.”
In the release, the bank also touted its support of affordable housing development in the U.S. through nearly $3 billion in loans, investments and mortgage-backed security purchases since 2023.
