Home News Bank of America Goes First, Will Allow Borrowers To Pause Mortgage Payments and Other Loans Until Later

Bank of America Goes First, Will Allow Borrowers To Pause Mortgage Payments and Other Loans Until Later

by J.C McCallum

Bank of America became the first American bank to officially allow customers to defer mortgage, auto, credit cards, and other payments to help the consumer.

Any customer who chooses to defer payments should know those payments will be added to the end of the loan – you still have to pay. This will be done on a case-by-case basis.

From Bank of America: “Bank of America today announced additional support for its 66 million Consumer and Small Business clients in response to the unprecedented challenges of the coronavirus. The company is offering assistance to clients through its Client Assistance Program and continuing to provide access to the important financial services on which these clients rely.

“Our clients rely on us every day and for every aspect of their financial lives,” said Dean Athanasia, president of Consumer and Small Business at Bank of America. “We’re going to continue to provide convenient access to the important services they count on, and the additional assistance and support they need during this difficult period. Our priorities are taking care of our team and each other, and continuing to fulfill our fundamental role serving our clients.”

Working on a case-by-case basis, as we’ve done in many other situations including the government shutdown and natural disasters, Bank of America’s additional assistance for clients impacted by the coronavirus includes:

Consumer and Small Business deposit accounts: clients can request refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.

Consumer and Small Business credit cards: clients can request to defer payments, refunds on late fees.

Small business loans: clients can request to defer payments, refunds on late fees.

Auto loans: clients can request to defer payments, with payments added to the end of the loan.

Mortgages and home equity: clients can request to defer payments, with payments added to the end of the loan.

In all of these instances, there will be no negative credit bureau reporting for up-to-date clients.

We have also paused foreclosure sales, evictions and repossessions.

All Bank of America teammates who work with clients are trained to identify and assist impacted clients and provide the right support to address their unique needs. Clients facing financial hardships related to the coronavirus are encouraged to visit the company’s Client Resources website and contact the client services team for assistance.

Bank of America understands the critical role financial services plays in the daily lives of individuals and small businesses, and is dedicated to maintaining reliable access to all of our capabilities, whether clients choose to manage their finances digitally, over the phone or in person.”

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