Bank offers help for clients with hardships from COVID-19

Independent Newsmedia
Posted 4/2/20

Bank of America has announced additional support for its 66 million consumer and small business clients in response to the unprecedented challenges of the coronavirus.

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Bank offers help for clients with hardships from COVID-19

Posted

Bank of America has announced additional support for its 66 million consumer and small business clients in response to the unprecedented challenges of the coronavirus.

The company, according to a press release, is assisting clients through its Customer Assistance Program and continues to provide access to important financial services relied upon.

“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, in a prepared statement.

“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, like in 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.
  • There will be no negative credit bureau reporting for up-to-date clients.
  • 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, the release said.

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 as availability is offered through online banking and the company’s mobile app.

For clients who 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, the release added.

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