Bank of American (NYSE:BAC) 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 such products as mortgages, deposit accounts, credit cards and small business and auto loans.
The bank also said it has paused foreclosure sales, evictions and repossessions.
America’s financial 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 buybacks through at least June to show they were committed to providing the “maximum” financial support to clients during the pandemic.
Said Dean Athanasia, who heads up consumer and small business at BAC, "Our clients rely on us every day and for every aspect of their financial lives.
"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."
Bank of America, which has 66 million customers, is directing people toward its client resources website for help.
Shares dipped 12 cents to $21.08
