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

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.

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