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Bank Of America Offers Hybrid Rebate to Employees

By Joe Benton
ConsumerAffairs.com

June 8, 2006

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The number two bank in the U.S. plans to offer $3,000 rebates to some employees who buy hybrid vehicles. Banker of America Corp. is now the largest U.S. corporation to offer hybrid incentives.

Along with existing tax credits, the rebate could save a Bank of America employee as much as $6,100 for a hybrid purchase.

Online search company Google Inc. and St. Paul Travelers Inc. insurance also offer their employees incentives to buy hybrids.

The bank's program covers some 21,000 employees working in or near Los Angeles, Boston and Charlotte, N.C., where Bank of America is headquartered. It ranks No. 1 in deposit share in all three markets.

"Given the size of our commuting associate base, the hybrid program expands our commitment to the environment and helps our associates to participate in making a difference while cutting down on their commuting costs," said Anne Finucane, Bank of America Global Marketing & Corporate Affairs.

"We are pleased to be one of the first corporations offering this benefit and strengthening our long-standing leadership on environmental issues," she said.

The company will evaluate the pilot program, factoring in participation levels and demand to assess how it could be rolled for every bank employee. The pilot plan mirrors the Internal Revenue Service's hybrid vehicle tax credit program and will apply toward a hybrid vehicle as defined by the IRS.

Associates will be eligible for the reimbursement only once and are responsible for paying taxes on the reimbursement. All full-time and part-time associates working at least 20 hours per week in the three pilot cities are eligible.

Google offers employees $5,000 rebates to buy, or $2,500 to lease, hybrids. St. Paul offers a 10 percent discount on insurance for hybrids.

A Bank of America buyer of a Honda Civic hybrid could save $5,100, with a $2,100 tax credit, while a buyer of a four-wheel-drive Ford Escape hybrid could save $4,950, with a $1,950 credit. A Toyota Prius buyer would save $6,100 with the exisitng $3,100 tax credit.

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