Investor Relations

Servicemembers Civil Relief Act

Bank of America has a long-standing commitment to serving the financial needs of its customers who serve in the military. The bank has provided specialized financial services to military personnel since 1920, and through a partnership with the Department of Defense, we provide full-service banking to troops and contractors with nearly 80 branches and 300 ATM locations outside the U.S.

To ensure the ongoing, fair treatment of our customers serving in the military, Bank of America has introduced an enterprise-wide program designed to ensure compliance with the Servicemembers Civil Relief Act (SCRA). The following is more detailed information about SCRA and Bank of America’s SCRA Compliance Program:

Bank of America Servicemembers Civil Relief Act Policy Statement

SCRA (formerly known as the Soldiers’ and Sailors’ Relief Act of 1940) was enacted in 2003 to alleviate some of the financial burden of loans, lines of credit and, in certain cases, suspending enforcement of civil liabilities, for persons on active duty in the military service of the United States. It also provides protections of existing life insurance coverage for servicemembers called to active duty. SCRA also provides servicemembers relief from certain civil obligations and temporarily suspends judicial and administrative proceedings and transactions involving civil liabilities when military service materially affects the ability of a servicemember to meet or attend to civil matters.

It is the policy of Bank of America to comply with all applicable provisions of the SCRA and other laws applicable to servicemembers. In some cases, the bank extends benefits beyond what is required by SCRA.

Bank of America recently announced programs for its mortgage customers serving in the military, improving key benefits for those on active duty and extending mortgage protections for servicemembers beyond active duty. The newly introduced programs include a principal forgiveness loan modification program for military borrowers behind on their payments when leaving active duty; a reduced 4 percent interest rate on mortgages for customers who are eligible for SCRA protection; and a mortgage customer service unit dedicated to servicing military customers.

Bank of America SCRA Compliance Program

Bank of America has developed an enterprise compliance program. Key components of the SCRA Compliance Program are described below:

  • SCRA training and awareness programs for all associates, including enhanced training for foreclosure department associates.
  • Proactive outreach efforts aimed at notifying servicemembers or their spouses of their rights and encouraging servicemembers to contact Bank of America for additional information pertaining to SCRA rights and benefits, as well as to educate customers about other special programs and services developed by the Bank for military personnel.
  • Mandatory pre-foreclosure verifications, occurring at multiple stages, using the Department of Defense/Defense Manpower Data Center to ensure that SCRA protected active duty customers and dependants are not foreclosed or evicted from their property and places of residence.
  • Processes and verifications to prevent the repossession of personal property, such as, for example, for loan accounts secured by automobiles, boats and recreational vehicles.
  • Application of rate reduction benefits that meet or in some cases, exceed the maximum rate of interest (inclusive of costs and fees) that may be applied to eligible accounts.
  • Application of applicable insurance product benefits that prevent the lapse or termination of an insurance policy, and the forfeiture of premiums.
  • Routine monitoring of active duty customer accounts to ensure compliance with the SCRA, and to obtain up-to-date active duty status information.
  • Audit and quality control assessments to ensure compliance with the Act and the compliance program.


  • Investors may contact us at:
  • Customers may contact us at:

    • Mortgage (Military Assistance Team): 877.430.5434
    • Credit Card: 800.421.2110

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