Bank of America’s Child Care Plus Program

Bank of America introduced a generous childcare reimbursement program called “Child Care Plus,” granting employees up to $275 per month per child in childcare stipends.

Bank of America had been cognizant of the escalating cost and limited availability of quality childcare, a problem significantly worsened by the COVID-19 pandemic. This created a profound financial burden on employees, with internal data showing average family childcare costs were 32% higher in 2024 than in 2019. The lack of affordable care was most pronounced for employees under a certain income threshold—making under $100,00 a year. This systemic issue impacted the company's ability to retain talent and ensure a productive, stable workforce.

Bank of America’s Child Care Plus program offers a multifaceted solution that directly addresses the financial and logistical burdens of childcare. The core of the program is a childcare reimbursement plan for eligible employees, with some receiving up to $275 per month, per child, for eligible childcare costs. The program also provides access to a comprehensive backup care service through a partnership with Bright Horizons, offering employees up to 50 days of care per year for situations when their regular arrangements fall through. Additionally, the bank offers access to a Dependent Care Flexible Spending Account (FSA) and a network of preferred providers, creating a blended approach that combines financial assistance with access to quality care.

~5-7 months