Coronavirus has become a worldwide issue and an extraordinary challenge for every person. People are facing financial stress in meeting day to day expenses and to pay off financial obligations. Keeping in view the current COVID-19 Pandemic, Bank of America has offered financial relief to its customers including small business and consumer clients through the easy client assistance program. To maintain consumer services and personal safety, they are ensuring help through all necessary resources and possible way. To coup up the prevailing financial crisis in the response of Coronavirus, they are offering relief to their clients effectively and safely. They are ready and well planned to provide financial support through payment deferral of home loan/vehicle or credit card.
If you have affected due to Coronavirus and experiencing a financial crunch, you can avail the facility of payment postponement i.e payment forbearances or payment deferrals up to three months or more than it. You can avail payment deferrals in the following ways:
- The bank will delay the due dates of your payment
- Bank official(s) will work on different options of repayment schedule but your payment will not be erased or forgiven by the bank.
- No late payment charges will be levied to the customer’s account.
If you are facing financial stress due to Coronavirus and finding relief from the Bank of America, you have to submit payment deferral request by the following way:
How To Submit Payment Deferral Request:
- To submit the request, you need to visit the link www.bankofamerica.com and get access to the Bank of America official page.
- On the main page, scroll down the page to the mid and select the option “Request Deferral”. You will be moved to the next page to connect with the process.
- At this page, you have to get login access to your online banking account by providing Online ID and Passcode to start credit card, Vehicle, or home loan deferment request submission.
- If you do not have an online banking account, you need to enroll first by clicking the option “enroll now” available on the right-hand side on the same page.
- On the next page, you have to enter an account number or card number in the first field and SSN or Tax ID in the second field to continue to the enrollment process.
- Follow the screen guidelines to enroll in online banking and then submission of payment deferral requests.
The Insurers or owners of the loan will get to know about payment forbearance or payment deferral like as:
For Owner: If the bank is the owner of your loan then it can provide you the facility for three months deferment if your loan is one month overdue. But if your loan payment is two months overdue then the bank will work on your repayment schedule and offer you three months forbearance period keeping in view your need and current financial position.
For Insurer: If you are using loan which is insured by a third party or third party is the owner of your loan then bank will work on the repayment schedule and will identify the need as per your current financial scenario and will recommend grace period up to 3 months or maximum 6 months as forbearance period.
To get further information regarding deferral payment and eligibility for the credit card, vehicle, or home loan deferment, you can contact at 800-669-6650. You can also get assistance in Spanish, English, or many other languages as per your understanding.
If you are under the severe financial crisis or unable to manage installments of Credit Card, home equity credit line, or mortgage then you can submit a request for payment forbearance or payment deferral by availing client assistance program. This is the time taking process which is longer than the routine time, so you have to wait for the result.