Anne Finucane, chief marketing officer and Northeast president for Bank of America, speaks during a press conference last week at which BofA’s plans to offer its employees an incentive to purchase hybrid vehicles were announced. Looking on are local auto dealer Herb Chambers (left) and Gov. Mitt Romney.
In an effort to encourage more environmentally friendly practices, Bank of America is offering its employees an incentive to purchase hybrid vehicles.
A new bank-sponsored pilot program is taking place in Boston, as well as Los Angeles and BofA’s home base of Charlotte, N.C. Employees living within 90 miles of the city can receive a $3,000 reimbursement when they purchase a new hybrid vehicle. Combine that with a $3,000 tax credit offered by the Internal Revenue Service and locally proposed legislation that could sweeten the deal even more, and BofA employees in the Bay State may be enticed by the offer.
Ernesto Anguilla, spokesman for BofA, said the idea is not to encourage employees to rush out and buy hybrid cars. However, if they happen to be in the market for a new vehicle, the banking is hoping they will consider the more environmentally safe models as an option.
“We are not sure how many employees will take advantage of this. Over 21,000 employees qualify,” said Anguilla. “Traditionally one of the drawbacks [of buying a hybrid vehicle] has been the cost. Hopefully this encourages them to take another look.”
The pilot program will last through 2009. If successful, BofA will bring expand the program to other parts of the country, said Anguilla.
Four hybrid vehicles were parked outside BofA’s Federal Street branch in Boston during a press conference last Wednesday. Gov. Mitt Romney, who also showed up for the bank’s announcement, announced a local initiative – a bill that passed later that day in the state Senate that would provide Massachusetts residents a $2,000 tax credit for purchasing a hybrid. The idea behind the legislation is to bring the hybrid models closer to the same cost as regular vehicles. The bill still needs House approval.
Anguilla said BofA’s pilot program is part of an overall initiative to promote environmentally continuous attitude in its workforce. During the last five years the bank has reduced its paper use by 32 percent, even though its customer base has grown by 24 percent.
