United Way of Metropolitan Chicago today announced that the Bank of America Charitable Foundation is tripling its investment in the United Way Earned Income Tax Credit Program. Through its $30,000 donation, Bank of America Charitable Foundation will support an asset-building strategy that helps low- and moderate-income individuals achieve financial stability in the Chicago region.

This investment grant is part of a national partnership between United Way of America and the Bank of America Charitable Foundation that will provide $2 million in grants throughout America. The United Way Financial Stability Partnership, launched in 2007, was designed to provide working individuals and families in communities across the country with tools to increase their income, build savings and develop and maintain their assets. A fundamental component of this initiative is to help people obtain free tax preparation assistance and unclaimed tax refunds through the EITC.

“Helping families and individuals build wealth is a key priority for Bank of America,” said Bank of America Illinois President David Rudis. “By supporting United Way of Metropolitan Chicago, we hope to help more people effectively navigate the tax system, access free tax preparation services and secure the benefits of the Earned Income Tax Credit, and thereby advance the health and vitality of the Chicago area.”

Last year, Bank of America made it possible for United Way to mobilize 1,945 volunteers in Chicago and help 8,403 people take advantage of the Earned Income Tax Credit (EITC) through a $10,000 grant. Program participants received $4.83 million in EITC returns and $12.01 million in tax refunds.

Building on last year’s successful results, the Bank of America Charitable Foundation will provide grants to two statewide and 42 local United Way agencies across the U.S. The Bank of America Charitable Foundation was the first national partner for the United Way EITC program, donating $500,000 for the launch of the United Way Financial Stability Partnership.

“United Way is pleased to partner with Bank of America in an effort that will strengthen our neighborhoods by increasing financial literacy and long-term economic independence,” said Janet Froetscher, president and CEO of United Way of Metropolitan Chicago. “This effort is just one of the many ways that Bank of America, one of our Top 25 Corporate Citizens, works with United Way to promote financial stability.”

The EITC campaigns include marketing and outreach to eligible tax filers; free tax preparation for individuals and families earning less than $39,783 annually by volunteer tax preparers and financial education and other asset building opportunities.