Virtual Income

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Contents

Personalized. Proactive. Predictive.
See what Erica ® can do.

Erica is your virtual financial assistant, right in the Bank of America Mobile Banking app.

What can Erica do?

Erica can give you personalized proactive insights and guidance, like a weekly snapshot of your month-to-date spending compared to your typical spending.
Receive reminders when bills are due and easily schedule payments. You’ll have a clear view of what’s been paid and what’s on the horizon.

Get the answers you need to stay better connected to your finances.

Erica can help you stay on top of recurring charges and memberships so you know where your money’s going.

Erica can keep you up-to-date with changes to your FICO credit score.

Erica helps you with your everyday banking. and empowers you to manage your financial life with ease.

Just talk, type, or tap today, and see what Erica can do.

What would you like the power to do?

Meet Erica, your virtual financial assistant in the Bank of America mobile app. 1

Always looking out for you and your finances

Erica helps make money management easier so you can live your best financial life.

New card assistance

Get a list of where your card
information may be stored.

FICO® Score Insights 2

Get notified of important
credit score changes.

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Refund confirmation

Be alerted when money from a
return is in your account.

Receive bill reminders

Balance watch

Get notified if your balance
is trending
towards zero so you can
take action.

Duplicate charge monitor

Spend Path

Get a weekly snapshot of your
month-to-date spending.

Monitor recurring charges

Preferred Rewards

Stay on top of important changes to
your Preferred Rewards eligibility.

Erica helps make
everyday banking easier

Check out your Erica
insights catalog

See the full range of personalized, proactive insights and guidance available to you.

Erica helps make
everyday banking easier

Looking for a past
transaction?

Erica can help you quickly find deposits, holds, purchases, refunds and credit card transactions.

Erica helps make
everyday banking easier

Get account information

Erica can help you access your routing and account numbers.

Erica helps make
everyday banking easier

Manage your cards

Erica can help you replace lost or stolen cards, check balances and lock or unlock your debit card. 3

Erica helps make
everyday banking easier

Manage your Zelle®
payments 4

Erica can help you view your Zelle payments and cancel pending payments.

Yes, right now, Erica is exclusively available in the Mobile Banking app (app versions 7.6 and above). Just download the app today to get started!

Erica is also planning to be available in Online Banking.

Getting started with Erica is easy

Enter your U.S. mobile number and we’ll text you a link to download our Mobile Banking app.

Please select a device

Please enter a valid phone number

Enter your cell phone number

A message has been sent to

The iTunes App Store is open in a new browser tab. Please download the App in the iTunes App Store.

Message and data rates may apply.

Not a Bank of America customer?
Go to bankofamerica.com to get started.

The screens depicted above are for illustrative purposes only and may not appear exactly as ERICA responds in the mobile app.

1 The mobile feature, ERICA, is only available in the English language. The feature requires that you download the latest version of the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply.

2 The FICO ® Score Program is for educational purposes and for your non-commercial, personal use. This benefit is available only for primary cardholders with an open and active consumer credit card account who have a FICO ® Score available. The feature is accessible through Online Banking, the Mobile website, and the Mobile Banking app for iPhone and Android devices. FICO and “The score lenders use” are registered trademarks of Fair Isaac Corporation in the United States and other countries. Data connection required. Wireless carrier fees may apply.

3 When you place a lock on your debit or ATM card via Online or Mobile Banking, it will prevent most types of card transactions from being processed until you take action to unlock your card. Any virtual cards linked to the locked card will also be locked. However, the lock will not stop card transactions presented as a new recurring or a previously scheduled recurring transaction by the merchant, transactions using other cards linked to your deposit account, or the posting of refunds or credit adjustments to your account. Additionally, transactions that occurred prior to locking the card will not be affected. Locking your card is not a replacement for reporting your card lost or stolen. This feature is available on the Mobile Banking app for iPad, iPhone and Android devices. Data connection required. Wireless carrier fees may apply.

4 Zelle should only be used to send money to friends, family or others you trust. We recommend that you do not use Zelle to send money to those you do not know. Transfers require enrollment in the service and must be made from an eligible Bank of America consumer or business deposit account to a domestic bank account or consumer debit card. Payment requests to persons or businesses not already enrolled in Zelle must be sent to an email address. Recipients have 14 days to enroll to receive money or the transfer will be canceled. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. We will send you an email alert with delivery details immediately after you schedule the transfer. Dollar and frequency limits apply. See the Online Banking Service Agreement at bankofamerica.com/serviceagreement for further details. Data connection required. Message and data rates may apply. Neither Bank of America nor Zelle offers a protection program for any authorized payments made with Zelle.

5 You are not liable for fraudulent Online and Mobile Banking transactions when you notify the bank within 60 days of the transaction first appearing on your statement and comply with security responsibilities. See Section 5 of our Online Banking Service Agreement for full terms and conditions.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

© Bank of America Corporation. All rights reserved.

Virtual Financial Group Reviews

Updated Apr 6, 2020

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Your trust is our top concern, so companies can’t alter or remove reviews.

” I was in the traditional insurance business prior to finding Virtual Financial ” (in 15 reviews)

” Their training is the best that has ever been for working from home ” (in 6 reviews)

” has gone by and they’re not making money, that’s something to be concerned about ” (in 5 reviews)

” Some people have come into VFG thinking they will make ” (in 5 reviews)

I have been working at Virtual Financial Group full-time for more than 5 years

Work and home life balance

Requires dedication drive and hard work. Which in my opinion is not a CON

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“Great Flexability”

I have been working at Virtual Financial Group full-time for more than a year

Work virtually from ANYWHERE. Great products and market reach is full US from your laptop or phone. You control how much you work. As a 1099 commission employee, you control your earnings. Work more, work smarter and earn more. The weekly online training is relevant and very helpful. The founders are still actively engaged in seminars and growing the business. ALL training and step by step guides to running your business is recorded and available 24 hours/day 365 days/year.

In a sales environment, learning that NO is an ok answer is hard.

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“Helping people by educating them about finances”

I have been working at Virtual Financial Group full-time for less than a year

!00% virtual . Lifestyle . lifetime income . Insurance

100% commission is hard to get started on

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“Cutting edge support and training.”

I have been working at Virtual Financial Group full-time

The access to administrative support, virtual training, financial stability and real products for real people is unmatched.

Like everything, you get out in relation to how much you are willing to learn and implement. They’re are no magic wands.

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“Great company”

I have been working at Virtual Financial Group full-time

Management is great at what they do

Owners can use some interpersonal skills

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“Virtual Financial us the best field marketind organization I have ever worked with ever.”

I worked at Virtual Financial Group

Virtual busineess great commisons leadership

Recruiting. Getting alone with upline leaders dealing with big egos

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“Virtual Financial is the “Real Deal””

I have been working at Virtual Financial Group part-time

I was in the traditional insurance business prior to finding Virtual Financial. That meant spending 10’s of thousands of dollars on direct mail leads and driving hundreds of thousands of miles to go and knock on doors. Ultimately, with an expected 20% conversion rate. I did do it at a high level and was able to be successful. And, built an agency showing others how to do the same. But, I always knew there had to be a better way. So, when I found VFG, it was like finding an oasis in the desert. I made the switch and have been building an agency from the comfort of my home using a laptop and a cell phone. I’ve got agents in 3 states now(planning on all 50. Canada too!) without having to drive and meet them, sign them up, drive them around to train them, etc. Virtual Financial provides a complete, one-of-a-kind, turn key system that anyone, experienced or not, can step into and create success if they are willing to work for it. I worked hard the old fashioned way. So, not shy about working hard in this system. Except, I now do it without the huge expenses of money and time that I used to incur. Being virtual is the wave of the future. The internet has changed the way the game is played. I see VFG as a chance to get out ahead of the curve and be progressive business leader instead of just being part of the pack that does things the same old way. All the tools are available for success. The system. The training. The products. And, the leadership.

The only real con for working with Virtual Financial is self imposed. You are an independent contractor in charge of your own future. You are a business owner. It takes determination and the mindset of “Never give up” to get to be successful. It will take work. Those that can push through any resistance encountered can create the future of their dreams.

What is an Initial Virtual Finance Asset Offering (IVFAO)? The Maltese Laws

THE ISSUANCE OF A VIRTUAL FINANCIAL ASSET (‘VFA’) & ADMISSION TO TRADING OF A VFA

In light of the various rule books and regulatory updates issued by the Malta Financial Services Authority (hereinafter referred to as “MFSA”) in the recent past, we have prepared an overview of the initial and ongoing requirements applicable to an initial offering of a virtual financial asset (hereinafter referred to as “IVFAO”), in or from within Malta. Such requirements are based on the final version of Chapter 2 of the Virtual Financial Asset Rule Book, titled ‘Virtual Financial Assets Rules for Issuers of Virtual Financial Assets’, as the relevant provisions of the Virtual Financial Assets Act (hereinafter referred to as “the Act”).

General Requirements – Initial Virtual Finance Asset Offering

Chapter 2 of the Virtual Financial Asset Rulebook, applies to Issuers of Virtual Financial Assets (hereinafter referred to as “VFA/s”) who are seeking to provide VFA activity in or from within Malta. Issuers must be legal persons duly formed in Malta, and must adhere to general high-level principles when carrying out their function. This includes inter alia performing duties in an ethical manner, with great integrity, whilst considering the investors’ best interests at all time. The Act seeks to regulate IVFAOs where an issuer issues VFAs in or from within Malta.

Requirements for Issuers :A brief overview – Initial Virtual Finance Asset Offering

The Issuer, whose business must be managed in satisfaction of the dual control principle, must commence the offering of its VFAs to the public or admit its VFAs to trading on a DLT exchange within six (6) months from the date of registration of the whitepaper with the MFSA. Prior to performing the offering or admitting to a DLT exchange, the Financial Instrument Test must be carried out and signed by the Issuer’s Board of Administration and subsequently endorsed by the appointed VFA Agent.

The Issuer is obliged to draw up an annual compliance certificate in relation to its business – the certificate shall be subsequently reviewed and submitted by the VFA Agent after it is signed off by all members of the Issuer’s Board of Administration. Once the compliance certificate is submitted, the Issuer must pay the applicable supervisory fees to the Authority.

Ongoing Requirements Applicable to IVFAO s and Trading VFAs on DLT Exchanges

VFAs may only be offered to the public in or from within Malta, and subsequently, apply for admission to trading on a DLT Exchange if the Issuer’s Whitepaper complies with the requirements of the Act and is registered with the MFSA Accordingly.

A simplified version of the process has been outlined hereunder for ease of reference:

STEP 1: FINANCIAL INSTRUMENT TEST

Undertaking the Financial Instrument Test and determination of the token in question as a VFA, which determination is to be endorsed by the VFA Agent. This should always be the starting point as it is only in the event that that the token in question qualifies as a VFA that the subsequent steps should be undertaken.

STEP 2: APPOINTMENT OF A VFA AGENT

Appointment of a registered VFA Agent, which appointment shall be maintained at all times.

STEP 3: BOARD OF ADMINISTRATION

The Issuer shall be effectively directed or managed by at least 2 individuals, in satisfaction of the dual control principle. The following principles must also be adhered to:

  • Responsible for ensuring that the Issuer complies with its obligations under the rules and any guidelines;
  • Collective and individual responsibility to acquire and maintain sufficient knowledge and understanding of the Issuer’s business to enable them to discharge their duties;
  • It is the duty of the Board of Administration to inform itself of its activities as a whole, have a proper understanding of its financial condition, and examine documents submitted for its attention;

If Board delegates any of its functions, such delegation shall not absolve the Board from the duty to supervise the discharge of such delegated functions.

STEP 4: CORPORATE FORM

The Issuer must be a legal person duly formed under any law for the time being in force in Malta. Accordingly, it will be necessary to incorporate a Maltese Company, typically a private limited company (ltd.) or public limited company (plc.), as the case may be. Furthermore, it is now also possible to use a Foundation, following amendments to the Civil Code.

STEP 5: APPOINTMENT OF FUNCTIONARIES

An Issuer shall appoint, and have at all times appointed, the following Functionaries, who have sufficient knowledge and experience in the field of information technology, DLT assets and their underlying technologies and have a good understanding of the Issuer’s business:

  • Systems Auditor – reviewing and auditing the Issuer’s Innovative Technology Arrangement/s (ITA/s) including cybersecurity arrangements, and shall prepare an annual systems audit report on its ITAs in compliance with guidelines issued by the Malta Digital Innovation Authority (MDIA).
  • VFA Agent – receives confirmations from the Issuer that the Board of Administration has been established, that the investors have been provided with a roadmap establishing the milestones for the IVFAO and also be provided with financial information and profit forecasts.
  • Custodian – shall be considered the ITA if custody of VFAs is being performed through such, however in terms of custody for fiat currencies, this may only be carried out by a central bank, payment institution, money market fund, electronic money institution, bank in a third country or a credit institution.
  • Auditor – draws up a report confirming that AML/CFT/KYC systems are in place.
  • Money Laundering Reporting Officer – carried out by individuals who comprehend the extent of responsibilities attached to the role, must be competent, financially sound and of a good repute, as well as have the adequate knowledge, professional expertise and experiences in traditional financial services as well as the Prevention of Money Laundering Act.

STEP 6: DRAWING UP OF WHITEPAPER & SMART CONTRACTS DISCLOSURE

Drawing up of the Whitepaper in accordance with the form and content as prescribed in the First Schedule of the VFAA and any rules issued by the MFSA. This includes requirements relating to the deployment of smart contracts.

STEP 7: APPLICATION FORM AND ACCOMPANYING DOCUMENTATION

  • An Issuer desirous of carrying out the above-mentioned activity/activities must, through its VFA Agent, submit the following to the MFSA:
  • White paper and supplementary documents signed by Board of Administration.
  • Copy of the Financial Instruments’ Test signed by Board of Administration and endorsed by a VFA Agent.
  • Confirmation from the Systems Auditor that the Issuer’s ITA complies with MDIA guidelines.
  • Annual audited Accounts for each of the last three (3) financial years, and/or if the Issuer is part of a Group – the consolidated accounts of the Group.
  • Certified copy of constitutional documents.
  • Registration Fee.

STEP 8: FEES

Whitepaper Registration Fees – €8,000

Whitepaper Annual Supervisory Fees – €2,000 (payable upon the submission of the certificate of compliance)

STEP 9: ONGOING OBLIGATIONS

Appointing a Board of Administration

Such board – responsible for ensuring the Issuer complies with Authority’s Rules and obligations – must act honestly, exercise reasonable care when carrying out functions, avoid conflicts of interest, monitor compliance, identify risks and manage them, as well as be responsible for Issuer’s compliance with AML/CFT requirements, whilst being aware of the Issuer’s activities and financial condition.

Establishing a Cyber Security Framework

This shall include various policies, such as; response and recovery plan, business continuity, sensitive data management etc. The framework must comply with internationally recognized cybersecurity standards and shall be in line with GDPR provisions.

Record Keeping Procedures

The Issuer shall retain documents and keep available for the MFSA to monitor the Issuer’s compliance in line with the MFSA rules pertaining to VFAs. Such documents are to be retained for at least five (5) years unless MFSA requests that such are kept for seven (7) years. The medium wherein the documents shall be held must be accessible for future reference by the MFSA and in such a form and manner that the following conditions are met:

  • unfettered MFSA access including the ability to reconstitute each stage of the transaction process;
  • amendments and corrections to the contents of the documents must be easily ascertained;
  • documents cannot be manipulated

Robust I.T. Infrastructure

The Issuer shall ascertain that its I.T. infrastructure ensures:

  • the integrity and security of any data stored therein;
  • availability, traceability and accessibility of data;
  • privacy and confidentiality; and
  • is in line with the provisions of the GDPR.

Annual filings – Initial Virtual Finance Asset Offering

The Issuer must make the following annual submissions with the MFSA:

  • the Annual Compliance Statement submitted by VFA Agent on behalf of the Issuer;
  • the Audited Financial Statements; and
  • the Auditor Report.

The issuer shall pay the Annual Supervisory Fees to the MFSA upon submission of the Annual Compliance Statement. Such statement shall include a confirmation that the VFA Agent is satisfied that:

  • Local AML/CFT requirements have been satisfied, which confirmation should be obtained from the Issuer’s MLRO; and
  • Issuer’s technology arrangements comply with any qualitative standards set and guidelines issued by the MDIA applicable to the particular type of arrangement, which confirmation should be obtained from the Issuer’s Systems Auditor.

Limitations, Enforcement, and Sanctions – Initial Virtual Finance Asset Offering

Cap on the maximum investable amount

An Issuer shall ensure that an investor (who is not considered as experienced) does not invest more than EUR 5,000 in its Initial VFA Offerings over a 12-month period. Please note that an experienced investor does not necessarily equate to a professional and/or accredited investor, but should possess knowledge of the industry and have previous experience with ICOs.

Sanctions when in breach

Where an Issuer/ VFA Agent breaches or infringes a Rule, the MFSA may by virtue of the authority granted to it under Article 48 of the Act impose administrative penalties, without recourse to a court of law, up to a maximum of EUR 150,000.

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