The coronavirus outbreak has caused major damage across the world and many of it economically.
Bank of America has recognized that many are suffering financially and has said that some of its customers can request to defer payments on financial products such as mortgage loans and credit cards.
This is part of the bank’s assistance program for consumers and small business impacted by the coronavirus.
Bank of America 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)
Small business loans
The bank also said that it has paused foreclosure sales, evictions and repossessions and said would be suspending stock buybacks through at least June to show they were committed to providing the “maximum” financial support to clients during the coronavirus pandemic.
The bank’s consumer division has hired 1,700 people in critical support roles so far this month, a spokesman said on Friday.
“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,” Dean Athanasia, head of the Bank of America’s consumer and small business unit, said in a statement.
The bank also said it would be paying an additional $200 per pay period to front-line workers in branches, call centers and operation centers effective immediately and enhanced overtime pay, according to Reuters.
Disclaimer: We have no position in Bank of America Corp. (NYSE: BAC) and have not been compensated for this article.