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Bank of America says customers impacted by coronavirus

Bank of America says customers impacted by coronavirus may be able to defer mortgage payments

Bank of America said some customers can request to defer payments on financial products such as mortgage loans and credit cards as part of the bank’s assistance program for consumers and small business impacted by the coronavirus.

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)
Credit cards
Small business loans
Auto loans
The bank also said it has paused foreclosure sales, evictions and repossessions.

America’s finance News sector is in much better shape than during the last major crisis,  which originated with banks’ risky mortgage lending. This time around, banks have fortified balance sheets and have already shown they want to help their customers through the coming hardships the coranovirus, and the business shutdowns because of it, will cause.

A group of the banks including Bank of America  declared this week that they would be suspending stock buybaFcks through at least June to show they were committed to providing the “maximum” financial support to clients during the pandemic. Submit Your Press Release Submission Press Release Distribution Service .

Bank of America, which has 66 million customers, is directing people toward its client resources website for help.

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