originally uploaded by cluestream
On the day that the world’s climate scientists released a report concluding definitively that humans are the cause of global warming, Bank of America (BAC) Friday announced the nation’s largest corporate rebate program to encourage employees to switch to planet-friendly hybrid cars like the Toyota (TM) Prius, Honda (HMC) Civic and Ford (F) Escape. More than 185,000 Bank
of America workers in the United States will be eligible for the $3,000 reimbursement if they buy a low-emission, fuel-efficient hybrid. The offer expands a pilot program launched last June for employees in Boston, Charlotte and Los Angeles. BofA spokesperson Eloise Hale told Green Wombat that the financial giant 
won’t disclose how many workers have bought hybrids so far but noted that purchases have more than quadrupled since the pilot program began. While offering the largest program of its kind, Bank of America isn’t the first company to make hybrid cars a fringe benefit. Google (GOOG), for instance, gives its employees $5,000 toward the purchase of 
fuel-efficient cars. Silicon Valley software firm Hyperion (HYSL) also will put $5,000 worth of green in workers’ bank accounts if they ditch the gas guzzler for a super fuel-efficient car. In Green Wombat’s Prius-clogged hometown of Berkeley, Clif Bar in December began offering $5,000 to workers who buy a biodiesel-fueled vehicle or a hybrid. Meanwhile, outdoor gear company Timberland (TBL) hands over $3,000 to employees who go hybrid.
Green Wombat 
BANK OF AMERICA SHOULD GIVE 3000.00 TO BUY AMERICAN. WHY WOULD A AMERICAN CO. GIVE TO TOYOTA AND HONDA. CHANGE IS NEEDED AT BOA FAST.BOYCOTT BOA CHANGE BANKS NOW.
Why should they be forced to buy American? They’ll only break down in 4 years. Do US cars even have decent looking and peroforming Hybrids?
Tom,
Toyota is plenty American:
http://www.boston.com/cars/news/articles/2006/09/24/made_in_america_hard_to_tell/
Boycott myopic thinking and over simplification.
That claim is foundless. BofA is not offering the $3000 rebate to aid the Japanese motor industry, it is doing it so that it can help aid the environment. So Kudos to BofA. If change is needed, it is in the American car industry. It needs to rethink its approach on manufacturing inefficient cars that do little to help consumers 1. save money on gas and 2. cause more pollutants that effect our environment. And remember that the main reason that the American car industry is failing is because consumers have switched their preferences to more efficient cars. If they want to come out of their slump, perhaps they should consider adjusting to changes in the market.
-Econ 101
what in blazes do they have 185,000 employees for? I haven’t been inside a branch in 12 years!!
It’s called a free economy for a reason. It’s been proven time and time again that being a protectionist will only hurt our economy in the long run. I say, let the best car company win. Let’s be competitive based on being the best, not the most protected. The United States has been a top innovator for many years. If we get lazy, we will get passed up by others who are hungrier to succeed.
Bank of America is doing a good thing in promoting environmentally friendly policies for it’s employees.
Give me a Plug-in hybrid any day. Once GM and more manufacturers come out with electric series hybrids (example: Chevy Volt – looks cool too) people would buy more American. The only option right now is the pure gasoline based hybrids and ugly looking ones like the Prius or Insight. In any case this is a step in the right direction – only if more companies followed suit.
BofA is a bnado maggiya bank…..
The concerne about whether a car is Japanese or American is pretty silly since they’re both built in the US. If you’re still not convinced, why don’t you just buy enough Toyota or Honda Stocks to make them “American” companies. That way you can choose some overpayed, incompetent “person” to be on the board. That person can hire terrible, overpayed managers. Those managers can hire UAW workers and pretty soon you’ll have expensive, shitty cars coming off the production line.
Due to their $3k generosity, I’ll bet BoA will be listed one of the best places to work next year.
I will buy American whenever GM starts selling the Chevy Volt. If GM chooses to help the BIG FAT oil again, then I will stick to japanese.
From the article I read nowhere does it state the employee has to buy a foreign car. Toyota and Honda do it best so our minds immediately correlate a hybrid with a Toyota or a Honda. Toyota employs thousands in this country. I’ll stick with Toyota. You stick with your gun rack and your $80 fill ups.
“Google (GOOG), for instance, gives its employees $5,000 toward the purchase of fuel-efficient cars.”
And flies its co-ceo’s around in a JUMBO JET.
Talk about hyprocrisy. 2 ceo’s, 1 JUMBO JET. There’s environmental concern for you.
Toyota does have UAW workers build the Tacoma and the Corolla. They also hired lots of laid off Ford designers in Michigan to design the new Tundra here in the US. They still make more money building more durable cars than GM and Ford. Could there be management problems at the big two?
I heard GM is offering a free $2000 deposit for people opening an account in Bank of Japan ….
Look, I applaud private companies’ efforts to be more environmentally concerned. BofA wants to limit CO2 emissions by vehicles – great!
HOWEVER, If they wanted to do that, they would have offered rebates for vehicles of say >40 or even > 35mpg, yet they didn’t.
Instead, they jumped on the Hybrid bandwagon – the new buzz word. So that if you buy a nice new Lexus SUV Hybrid b/c of the 3K discount, BofA’s really not doing the environment a huge favor.
BTW, how can you instantly reduce in a half a person’s CO2 emissions? Easy – carpool. Maybe BofA should have been more altrustic than thinking of a great marketing campgain to splash around newspapers. Alas, companies always think of their bottom line, can you blame them.
Look, I applaud private companies’ efforts to be more environmentally concerned. BofA wants to limit CO2 emissions by vehicles – great!
HOWEVER, If they wanted to do that, they would have offered rebates for vehicles of say >40 or even > 35mpg, yet they didn’t.
Instead, they jumped on the Hybrid bandwagon – the new buzz word. So that if you buy a nice new Lexus SUV Hybrid b/c of the 3K discount, BofA’s really not doing the environment a huge favor.
BTW, how can you instantly reduce in a half a person’s CO2 emissions? Easy – carpool. Maybe BofA should have been more altrustic than thinking of a great marketing campgain to splash around newspapers. Alas, companies always think of their bottom line, can you blame them.
I am a low level employee with BofA. This is a great incentive to all Americans to do what’s best for everyone concerned. Bank of America is an incredible company doing the right thing! Thank you BofA!!!
bac of america good bank. They help us sell more car an keep us number 1. Tank hue bank of america!
I am a Bank of America employee. What this article didn’t say is that it applies to ALL hybrids, including American. I just purchased the Ford hybid and received the rebate for doing so. So please, stop the madness…..Bank of America means nothing but positives will come from this!! Support American services and products, but only if they’re competitive with the free enterprise markets.
What BAC should really do is provide efforts for the amployees to be healty, stop smoking and lose weight. Have you seen how over weight they are?
Michael – Bank of America actually does actively promote carpooling. In fact, it pays for vanpools and allows associates to modify their schedules in many cases to allow them to carpool. It also offers perks to associates that carpool, and uses telecommuting where/when possible. I’m not sure why you assume that is not the case. Carol – your comment is too ludicrous to even comment on. Some people can’t see the positive in anything! Sheesh
Why dont they give away a couple of mil for
bycycles ?
John
Positive Thinker,
I think that’s great. I never commented that BofA was not doing carpooling – most companies do promote it. I was just using that concept to demonstrate other ways to reduce one’s CO2 emissions.
My main argument was that the rebates should be for energy efficient vehicles, not hybrids exclusively. Hybrid does not equal Most Energy efficient.
What Hybrid means is that it is more fuel efficient than a comparable weight/drag/power no-batt vehicle.
Michael,
I can’t disagree with your logic, but as shown by strong sales in larger, less fuel efficient vehicles, fuel economy isn’t the primary factor in a purchase decision – even while gas prices are through the roof and there is scientific evidence of the negative effects of fuel consumption. Someone who wants or feels they need an SUV is going to by an SUV. Ultimately an SUV that gets 35 MPG trumps an SUV that gets 15 MPG. I applaud Bank of America for financially motivating its employees to make ecologically improved decisions.
Ok it really doesn’t matter how many American workers Toyota has. Yes its a good thing that they invest in America, but seriously its a very small investment in comparison. The real point is what economy the profits are going too. They are not going into the American economy.
I hate when I see bias either way, for american or against american. In the scheme of things, they both produce good cars.. it depends on the segment. This hybrid push is ok and all, but the real fuel benefits will come when a plugin hybrid is released, whether it be american or japanese.
the services is so slow inside the bank they should offer 3000 for every customer they get out of their in 5 minutes or maybe all the tellers car broke down on the way to work
Maybe if GM, Ford or Chrysler produced something worth buying, besides an F-150, we would. Can you name an American Hybrid car? Know why? All of the American oil companies have purchased and/or killed off anyone who has made attempts to bring products to market that would improve gas mileage. They cannot do that overseas.
Pull your head out of the 20th Century and come in to the 21st Century where the American car manufacturers are shells of their former selves. Remember the crappy Michael Keaton movie about the subject? Well, it’s back – only worse.
Capitalism is all about creative destruction – may the best company with the most cost effective/efficient, environment friendly and quality automobile win?
Don’t care who makes it, where it is made and who owns the company.
I wish other banks will follow.
Why not buy from Toyota and Honda? They are the leaders in the car industry! Their the most respected cars and trucks. The so called American, GM, Ford, Chrysler are a JOKE!! Their cars can only break down.
At Bank of America we are about working with our community and doing the right thing. We want to reward our associates and help the environment. I am proud to tell people I work for Bank of America and benefits like this prove it to me.
Very happy Associate!!!
PS. Yes we make money and since we made our goal, management decided to give out rewarding success bonuses. It really is a great company!!
I too work for BofA, we offer carpooling, we will even pay for a cab to those that have emergencies and carpool and need to get home. We do offer programs to quit smoking, and we have 24 hours gyms on all major properties. We are a major sponsor for Habitat to Humanity, we invest millions in redevlopment for rundown communities, and bring the most number of loans to small businesses (keeping the American Dream alive). The company offers $5000.00 towards a new home, and pays the cost of child care, and now to make a better decision on transportation for our 180,000 employees we are giving $3000.00 for a hybrid,
This company is the best, admire us, and our sucesses while you are dreaming of a better job!
Bank of America is taking the lead among Corporate America. Sure, they give great incentives to their employees, but also to their customers. The Bank recently committed over $500 BILLION in Low to Moderate Income communities across America!! They participate financially in so many not for profit organizations. The Bank is consistantly giving back to the communities that they serve. It is a 100% BETTER Bank than it was 10 years ago. I know, I work there! So please, stop the hate ‘n
What happens to all the batteries when they start going bad?
I wonder what the stockholders think about that?!
Honda will start producing the first hydrogen car in 2008. They are also working on a solar energy prototype to make hydrogen from solar energy. Check the previous posts.
The three major areas of pollution of CO2 are:Electricity,Transportation, and the Production of cement.
Kudos for the incentives.
We’re in a global economy. Buying a “USA” car doesn’t guarentee 100% USA-put-together product.
If those of you are 100% USA, better take off your shoes and throw most of your electronics and furniture out.
Why not cars that are PZEV if you live in PZEV states? Why not cars that are diesel if you don’t? Ford and Honda have several cars that are clean as whistles. The Ford Focus emits less than just about any car on the road save the Prius.
For once, I wish people would get off the hybrid bandwagon. There are options out there that aren’t hybrids that are good for the environment. Then, there is the whole belief that you will actually get 50 mpg out of your Civic, which you won’t. Buying the Highlander or the Accord hybrid or the Vue hybrid will leave you with a vehicle barely able to beat its counterpart’s mileage and, more importantly, emissions.
Hybrids are not the end-all answer. Carpooling and public transit are better. If you are going to offer incentives, then do your research before limiting your list and include cars like the PZEVs like the Accord, Fusion, Civic and Focus where available and the VW diesels.
BofA is a much better bank than many other Financial Institutions, wish I had a rebate from my work too! I drive at least 60-80 miles a day! Mother Nature appreciates this better way of moving forward.
I note concern in these posts about what B of A stockholders think of all this. Well, the program aids employee retention. It costs several thousand dollars to replace an employee — interviewing, HR administration, training, and drag on productivity while the emploee comes up to speed. What about stockholders of companies with locations in coastal areas? When the sea level rises 2 feet by 2030 (as projected by the Paris meetings this week), think of the relocation costs and the drag on the economy. We’ll all pay dearly. Maybe B of A isn’t perfect, but at least they’re showing that they have a clue. Most banks are stingy — so for now, B of A stands out.
How stupid can(some)americans be..?
Toyota sold in the US are made in the US.
Ford do offering hybride cars
The nature will thank BoA.
US car industry will start thinking on making Hybride and other cars with inovative motors.
So, I think, switch on your brain before taking your morning coffee.
PS. its not better in Norway or Europe
How about BofA (or ANY employer, for that matter) offering a “lightbulb exchange” program, where customers / employees can bring in their old incandecent light bulbs and they will replace them for free with those energy efficient light bulbs?.
A 60-watt incandecent can be exchanged for a 15-watt flourescent. Multiply that 45-watt energy savings by 30+ bulbs per household and millions of households, it adds up. Replacing those bulbs also keeps employees at GE and Phillips employed (for all of those concerned with buying American)! It’s a way to help all BofA customers reduce their energy bills and reduce the overall demand / consumption of electricty… Just a thought.
For the record, I practice what I preach: all of the bulbs in my house are of the energy efficient type right now, and instead of taking my Chevy Tracker (which gets ~30 mpg) to work every day I choose to ride the bus everyday instead. It is OUR responsibility to be responsible for how much energy we consume, it’s a conscious choice. Our children and grandchildren will thank us for doing the right thing now.
I, too am an associate at BAC for 7 years, and as for what do the shareholders think about it ill be a bit myopic and look at the last year
ROE 17.85%
Forward Dividend 4.30%
They are happy and note all the facts on green thinking at BAC as we partner in the development and occupancy of one of the FIRST LEED certified office buildings in NYC:
http://www.nyc-architecture.com/MID/MID157.htm
Think global and act local and BAC is doing it in all the markets we provide service and higher standards in business.
The first skyscraper ever to attain a Platinum LEED Certification, 1 Bryant Park is being called “The World’s Most Sustainable Skyscraper.”
http://en.wikipedia.org/wiki/Bank_of_America_Tower,_New_York_City
Kudos to BOA and the other companies for offering this program. Hopefully, one day the US government will get its head out of the sand and start offering breaks like these instead of creating tax holes for buying gas guzzling SUV’s. Who knows, maybe this will even encourage America’s big three to come up with some new concepts instead of keeping with their simple minded/ mainstream strategy’s and expecting people like Tom (see the first msg posted) to keep buying.
Why are buyers of Honda and Toyota cars considered anti-American when we don’t support poorly run companies that offer unattractive and unappealing products? Tom is probably sitting in his living room watching his SONY TV while wearing a t-shirt made in Indonesia. Speaking of hypocrisy, why is Tom promoting a boycott of an American run company, BOA? Is buying a fuel efficient car less American than not supporting one of America’s largest banks?
B of A is doing the right thing getting behind the reduction of CO2 while our politicians have dragged their feet and played to the Big Oil lobby, denying that the science of Global Warming had any validity. Good for B of A; I will get behind and support ANY company which does this. As for which cars B of A employees get, let them buy the best, the most reliable. If Ford makes such cars, then fine, if not then why shouldn’t they buy Toyota or Honda? I looked everywhere last year for a decent high mileage biodiesel-ready or hybrid US-made new car and found none. Now I get 40-55mpg in my Civic Hybrid. Fabulous.
Oh Oh!! Watch out!!
Current dealer mark up is about $10,000
and they will add $3000 to $13,000.
Can someone explaine about how long those
batteries last??? I heard about 4 years but
I am not sure how scientific it it. What about
environmental concerns with those old batteries?? (like someone mentioned earier in
this post) Will it cost not only replacing but
throwing away?? (like oils, tires now days)
It would be interesting to see how many employee take this oppurtunity and buy hybrid.
-Shaila
http://www.whybuyhybrid.com/
If hybrids really got the milage EPA CAFE says they do it would be great. But 42 real-world mpg isn’t the 55 Toyota and EPA claim.
Why is this?
Panasonic makes it clear that their battery will last 4-6 years max but CA air resorses board makes them guarantee them for 10. $3,000 to replace the batteries (at best price-even in 10 years the cost can not drop much) is not a real GREEN way to help things.
Will a real hybrid ever be built…one that really saves money for the driver and also has no toxic waste to recyle every few years… you tell me.
The Nmh batteries in our cell phones are made of the exact same stuff… how long do your last? ANd the “better” lithium batteries are worse… plus the fire hazard.
Batteries are a very poor way to store electricity… and unfortunatly there is no magic solution to fixing this battery issue. Just read the websites of the battery research people… and not just puff pieces from the marketing department.
PLEASE PLEASE PLEASE MAKE MORE HYBRID CARS!!!
People will buy them!! Let Japan know and they will invent more!!! Why bother using gas??? It is a waste of money and bad for the environment!!!
I just bought a Toyota Prius and I’m getting over 50 miles per gallon everyday. I put 25 dollars in gas and can go more than 400 miles(I never let the tank go below one third empty). Toyota is the Hybrid leader. Toyota, I’m ready for your next gen Prius, Plug-In capable, Solar Panels, Flex-Fuel, and over 100 miles per gallon. But for now, I love my Prius. Thank you Toyota for making a car we can drive today! GM, Ford, Chrysler- what are you doing? and why are you doing nothing but talk talk talk and promise and some day this and some day that. Learn from Toyota, they do, they deliver. Do it!
i think google is actually a hypocrit ._.
i think google is actually a hypocrit ._.
i think google is actually a hypocrit ._.