We've assembled a pre-deployment checklist you can use as a reference that covers the most common concerns we've heard from servicemembers. In addition to reviewing this checklist, you may want to discuss your concerns with your military legal service office.
One of the most important things you can do before deployment with regard to your financial situation is to designate power of attorney to your spouse or other trusted family member or friend. This can help make it much easier to deal with unanticipated financial issues if they arise.
First, it's important to understand what power of attorney means. If you are granting someone power of attorney (you can do this through your military legal service office or through a private attorney), you are giving that person—legally defined as your agent—the legal right to act on your behalf in situations that would ordinarily require your signature.
There are 3 types of power of attorney: general power of attorney, limited power of attorney and durable health care power of attorney.
General power of attorney gives your agent almost complete legal authority over all your personal and financial matters. Limited power of attorney authorizes your agent to act on your behalf only for specific tasks under specific circumstances. Durable health care power of attorney authorizes your agent to make health care decisions on your behalf.
Designating power of attorney before you are deployed is important for a wide range of reasons. From a financial perspective, for example, your agent would be able to act on your behalf in situations like filing taxes, selling property, refinancing a mortgage or cashing checks. Also, once you are deployed, granting someone power of attorney is a far more difficult process than it is before you deploy.
For full details about setting up power of attorney, be sure to contact your military legal service office or your private attorney.
Yes. When you receive your orders, follow the instructions in our SCRA Requirements page. Make sure your spouse, family member or trusted friend has a copy of your orders and is designated as your agent through power of attorney before your deployment begins.
Yes, assuming that your accounts are joint accounts or that you’ve provided your spouse with appropriate account access information such as your Online Banking information. Remember, though, that if your account is not a joint account and there is a problem with your account that needs to be resolved, your spouse having power of attorney to act on your behalf will mean that the issue can be resolved in the most efficient way.
Yes. With Online Banking, you can use our optional Bill Pay service to set up recurring payments for bills like mortgage or rent payments, utility payments or insurance payments.
To set up our optional Bill Pay service, you need a Bank of America checking account and you need to enroll in Online Banking. Once enrolled, you can set up bill payments in advance, set up recurring payments for regular bills, track your payment history and more. When you’re setting up Bill Pay, you’ll need to have copies of your paper bills handy so you can add merchants/payees into the system.
Yes. Setting up direct deposit is simple. Qualifying payments that can be automatically deposited electronically to your checking, savings or money market account include salary, pension, Social Security and Supplemental Security Income (SSI) benefits and other regular monthly income.
Yes. As an Online Banking customer, you can sign up for Paperless Statements and go online to view the same information that's on your paper statement, plus see all your cleared checks online. You can request copies of old statements free of charge—we keep all your old statements for 7 years—and we'll send you a monthly email notification when your new Paperless Statement becomes available online.
Explore our FAQ page for additional information about Online Banking, credit and debit cards, loans, investments and more