The bank is providing relief to its 66 million customers as part of its Client Assistance Program and will offer deferments on a case-by-case basis. Financial products eligible include mortgages, home equity loans, deposit account overdraft fees, credit cards, car loans and business loans.
“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.”
The bank said it was also suspending foreclosures, evictions and repossessions as the country grapples with containing the coronavirus.
BoA’s move comes as New York Governor Andrew Cuomo said that struggling homeowners can pause mortgage loans for as long as three months. He also said New Yorkers would get overdraft, credit card and ATM fees waived.
BoA is among several financial institutions who have said stock buybacks would be postponed through June and pledged to support customers during the pandemic crisis.
Foreclosures and evictions on real estate backed by the Department of Housing and Urban Development are also temporarily suspended.
Wells Fargo said it “is working on a daily basis to ensure we are putting measures in place to support the needs of our customers impacted by Covid-19 in the most effective ways,” Tom Goyda, the bank’s senior vice president of consumer lending communications, told CNN in a statement.
“We are providing assistance including fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact us, and we will continue to communicate with customers as the situation evolves,” Goyda said.
The Federal Reserve has asked banks to help people and said there won’t be penalties if they go through liquidity reserves while helping customers.