Yes. Active duty service members who return home from deployment are no longer eligible to receive some of the financial benefits (additional special pay and allowances) that are provided during deployment. A servicemember no longer serving in a combat zone will no longer qualify for the combat zone tax exclusion—as a result, federal and state income taxes will be withheld from pay. Depending on your specific situation, it’s possible that your monthly take home pay will decrease—which is why budgeting is so important.
Setting up a budget will give you financial peace of mind and can help you stretch the income you have. We’ve assembled some strategies to help you learn about budgeting, but we encourage you do as much research as possible and, if possible, to speak with a financial advisor about your specific situation.
Yes. SCRA benefits legally expire at the end of your active duty period, but there’s good news if you are a Bank of America customer: If you have a credit card or installment loan amount with Bank of America, we will extend your benefits on those accounts for an additional 6 months. If you have a mortgage account with us, we will extend your benefits for an additional 12 months.
When you receive your orders, call a Bank of America account specialist at 1.800.334.1920 (Mon.-Fri. 7 a.m.-10 p.m. ET or Sat.-Sun. 8 a.m.-5 p.m. ET). We can help you address any financial issues related to returning home that may affect your account access or status.
You should also sign in to Online Banking and update your contact information. Your email address or mailing address may have changed, and making sure you have the most up-to-date information posted to your account is always a good idea.
Explore our FAQ page for additional information about Online Banking, credit and debit cards, loans, investments and more