Bank of America Announces Additional Support for Consumer and Small Business Clients Experiencing Hardship From the Impact of the Coronavirus

Thursday, March 19, 2020 5:18 pm EDT

(Updated March 31, 2020)

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, early withdrawal penalties for certificates of deposit, 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 term for Bank of America-owned loans; loans owned or guaranteed by other entities, including Fannie Mae, Freddie Mac or FHA, offer consumer relief set by those agencies.

  • 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.

  • To request mortgage and credit card payment deferrals online, please visit our Client Resources website.


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.

  • Bank of America’s full range of banking solutions is also available through Online Banking and the company’s mobile app. These channels offer convenient and secure ways to check account status, pay bills, transfer/send money and deposit checks at any time and from almost anywhere. Within the mobile app, Erica, the company’s virtual financial assistant, is there to help.

  • All of Bank of America’s 4,300 financial centers across the country have an external ATM with 24-hour access; approximately 3,000 (70 percent) have drive-up ATMs; and approximately 400 have drive-up client service representatives available to serve clients. Clients can use Bank of America’s interactive Financial Center and ATM Locator to sort and filter nearby financial centers to match their needs – whether that’s the closest drive-up ATM or financial centers open on Saturdays. Clients can also schedule an appointment to connect in person with one of our specialists.

  • For clients who prefer or need to visit a financial center, the company is taking proactive steps to protect clients and teammates, including enhanced cleaning procedures throughout each day and other measures to limit the risk of exposure, based on recommendations from the Centers for Disease Control (CDC).

 

Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,800 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 2,000 business centers; approximately 16,800 ATMs; and award-winning digital banking with approximately 38 million active users, including approximately 29 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

www.bankofamerica.com