Bank of America will allow customers to defer payments on mortgages amid COVID-19 financial crisis
FILE - Facade of Bank of America branch in brick building in San Ramon, California, January 20, 2020. (Photo by Smith Collection/Gado/Getty Images)
LOS ANGELES - Bank of America has announced that it is allowing its mortgage holders to defer their payments amid the financial crisis caused by the COVID-19 pandemic.
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The company has announced it will also implement a series of actions aimed at creating financial ease for its customers struggling during the unprecedented challenges the novel coronavirus has presented.
Additional actions that Bank of America is taking for clients affected by the COVID-19 virus include:
- A request for refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.
- Clients of consumer and small business credit cards can request to defer payments
- Clients with auto loans may request to defer payments
- Clients with mortgages and home equity may request to defer payments
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“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.”
The company is requesting that all requests be made through the Bank of America’s Client Resources website.
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Following mass shutdowns of all non-essential businesses amid the COVID-19 pandemic, local officials across the U.S. have been implementing orders to halt evictions and assist in funding those whose incomes have been slashed from the effects of the lockdowns.
Other major companies and organizations are doing their part to create financial assistance for those previously working paycheck-to-paycheck left wondering how their rent and other expenses will be paid as their incomes dwindled.
The Real Estate Board of New York, which represents owners who operate over 150,000 rental units, announced that it would institute a voluntary 90-day moratorium on evictions, and sports teams like the Los Angeles Lakers, Clippers and Kings have created a fund to support hourly employees following the suspension of events at the Staples Center.
Burger King restaurants in the United States announced the company would offer two free kids meals per one adult meal for families who rely on their local school district’s food programs which have been closed in an attempt to stop the spread of the virus.