Thursday night was a huge gathering for news as the California Governor dropped an order for citizens to remain in their homes starting at midnight which is going to cause a litany of issues sooner rather than later.
The bank said it will deal with giving relief in each situation on a ‘case-by-case’ basis for the following products:
- Mortgages and home equity
- Deposit accounts (overdraft fees, etc)
- Auto loans
- Small business loans
- Credit cards
The bank also said it has paused foreclosure sales, evictions, and repossessions.
We're working closely with our clients to provide additional assistance for those impacted by coronavirus through our Client Assistance Program. pic.twitter.com/9HzR6bifxQ
— Bank of America News (@BofA_News) March 19, 2020
“We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” Bank of America said in a note to clients. – @CNBC https://t.co/j3P9oGwRih
— NBC News (@NBCNews) March 19, 2020
MORE NEWS: California Governor Issues “Statewide” Stay At Home Order
The bank made the announcement on Thursday as part of additional support measures it is providing to its customers. It indicated small business and consumer clients could request payment deferments, with the missed payments added to the end of the loans. Bank of America said there would not be “negative credit bureau reporting for up-to-date clients.”
Customers who wish to request loan payment deferments can call the appropriate client services number to discuss their hardship, a spokesperson for the bank said.
“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 news release. “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.”
The bank also said it has temporarily paused foreclosure sales, evictions and repossessions. [AZ Family]
MORE NEWS: Fraud Gets Evicted, America Gets Promoted
Customers who wish to request loan payment deferments can call the appropriate client services number to discuss their hardship, a spokesperson for the bank said.
Bank of America is letting customers request to defer payments on mortgages and small business and auto loans in light of the coronavirus pandemic https://t.co/aboY8hvYfw
— CNN (@CNN) March 19, 2020
Bank of America says customers impacted by coronavirus may be able to defer mortgage payments https://t.co/Yn3My90i5g
— CNBC (@CNBC) March 20, 2020
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This piece was written by Wayne Dupree on March 20, 2020. It originally appeared in WayneDupree.com and is used by permission.
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