We support our nation's military
Bank of America has helped the U.S. military through our contributions to military-focused charitable organizations, differentiated banking services and our commitment to hiring veterans.
We also support our servicemembers by making sure they are aware of beneficial laws, including the federal Servicemembers Civil Relief Act (SCRA). The SCRA allows servicemembers in the U.S. military to devote their full attention to service by easing some of their financial obligations and, in certain cases, suspending the enforcement of civil liabilities.
Who may be eligible for benefits and protections?
If you are a military servicemember who received a loan or credit prior to a period of applicable military service, you may be eligible for an interest rate reduction benefit and may be protected from non-judicial foreclosure and repossession of property without a court order. Other SCRA protections may apply to all military members while serving during an eligible period.
You may be eligible if you are:
- On active duty, defined as full-time duty in the active military service of the United States, as a member of the Army, Navy, Air Force, Marine Corps or Coast Guard, including as a member of a reserve component that is called to active duty. Active duty includes full-time training duty, annual training duty and attendance (while in the active military service) at a school designated as a service school by law or by the secretary of the military department concerned.
- On active service as a member of the National Guard called to service by order of the Federal Government
- On active service as a commissioned officer of the Public Health Service or NOAA
- The spouse, domestic partner or dependent of a covered service member
- Called to active duty under state-issued orders; some state laws provide similar benefits for National Guard members
Who isn't eligible for benefits and protections?
- Individuals who received their loan or credit while on active duty in military service are not eligible for the 6% interest rate cap or the protection from non-judicial foreclosure or repossession
- National Guard members, except when called to service by federal or some state-issued orders
For information about how to apply for benefits online, select the Apply tab on this page.