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Military

Servicemembers Civil Relief Act (SCRA) Benefits

We support our nation's military

For more than 90 years, Bank of America has assisted 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 expands and improves the provisions of the Soldiers' and Sailors' Relief Act of 1940 (SSCRA), allowing servicemembers in the United States 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.

You may be eligible for SCRA benefits and protections on the following products when serving during an applicable period of military service:

  • Line of credit, credit card and installment loans
  • Mortgage and home equity secured loans
  • Student loans

Benefits and protections for servicemembers apply to both consumer and business loans.

Some of the SCRA's benefits and protections are intended to protect military personnel who had an existing financial obligation prior to becoming active-duty military. Other SCRA protections apply to all military members while serving during an eligible period.

Who's eligible for SCRA 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.

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 SCRA 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.

How to apply for SCRA benefits

Servicemembers have up to 180 days from the date military service is completed to qualify for benefits. To apply for SCRA benefits, you will need to securely submit the SCRA Benefit Request Form (PDF, requires Install Adobe Reader) by following these instructions:

  1. Send an email to militarybenefits@bankofamerica.com (IMPORTANT: Be sure to type "PDF FORM" in the subject line and DO NOT include any personal information in your initial email). You will receive an email response from the EMBU within 1 business day with instructions on how to send secure communications.
  2. Follow the instructions provided in the email to establish secure communication.
  3. Download the SCRA Benefit Request Form
  4. Complete the SCRA Benefit Request Form in its entirety and save the document to your computer.
  5. Attach the completed SCRA Benefit Request Form to your secure email and send to the EMBU to initiate your benefit request.

Important security notice: We strongly discourage you from sending personal information through email unless it is sent using a secure method. Unsecured emails are at risk of being intercepted or seen by unauthorized parties.

What happens after you submit your benefit request?

Bank of America will use the information you provide on this form to verify your eligibility for SCRA benefits, including contacting the Department of Defense's Manpower Data Center (DMDC). Please allow up to 30 days for a response to your request. You may be contacted to provide additional qualifying military documentation including any of the following:

  • Military orders
  • Extended military orders
  • Enlistment contract
  • Military Short Form (MSF), which can be obtained from the local Judge Advocate General's office or you may download the MSF here (PDF, requires Install Adobe Reader)
  • A letter on official letterhead from the commanding officer with the servicemember's full legal name (including middle name, if any), Social Security number, date of birth, home address and active military service start date according to the servicemember's military orders. This letter must include the commanding officer's telephone number and a statement acknowledging that the letter will be relied upon by the servicemember's creditors
  • Show Line of credit and credit card benefits
    • Reduction or limits on interest rates. If you enter active duty and have an existing credit card, you may be entitled to a lower interest rate. While you're on active duty, lenders generally can't impose an interest rate higher than 6% on debts incurred prior to active duty. The 6% rate is in effect for your entire active duty service.
    • Reduced payments. If your interest rate is higher than 6%, your payments will be reduced to reflect the lower interest rate.
  • Show Installment contract benefits (including auto, RV, boat, motorcycle & aircraft)
    • Reduction or limits on interest rates. If you enter active duty and have an existing installment contract, you may be entitled to a lower interest rate. Lenders generally can't impose an interest rate higher than 6% on debts incurred prior to active duty. The 6% rate is in effect for your entire active duty service.
    • Reduced payments. If your interest rate is higher than 6%, your payments will be reduced to reflect the lower interest rate.
    • Protection from repossession. If you enter active duty and have an existing loan, you're protected from repossession unless a court issues an order allowing the repossession to take place. As an additional benefit, Bank of America extends repossession protections on consumer contracts (for example, a car or a boat) for an additional 60 days beyond the date your military service ends.
  • Show Home loan and home equity benefits
    • Reduction or limits on interest rates. If you enter active duty and have an existing home loan, you may be entitled to a lower interest rate. Lenders generally can't impose an interest rate greater than 6% on debts incurred prior to active duty. The 6% rate is in effect for your entire period of active duty service. For home loans, the benefit extends 1 year beyond your period of military service. (NOTE: Bank of America currently offers a benefit that exceeds the federal law requirements described here. If your loan is owned and serviced by Bank of America, you'll receive a rate of 4% for your home loan, potentially saving you thousands of dollars. Even if your loan is owned by the U.S. Department of Housing and Urban Development (HUD), Fannie Mae, Freddie Mac or other private investors, you may still qualify for the 6% rate. Please call us layer if you have questions regarding the ownership of your home loan, or to see if you're eligible for the 4% or 6% rate.)
    • Reduced payments. If your interest rate is higher than 6% — or 4% for home loans both owned and serviced by Bank of America — your payments will be reduced to reflect the lower interest rate.
    • Protection from foreclosure. The SCRA generally prevents lenders from foreclosing (unless there's a court order) on eligible active duty servicemembers during their period of military service and 12 months thereafter. To learn more about this benefit, please contact us layer.
    • Home retention options. In addition to other home retention options, Bank of America also offers the Military Modification Program. As part of the federal government's Making Home Affordable program, this program offers principal forgiveness and other solutions to help qualified military customers who are having difficulty making their home loan payments.
  • Show Student loan contracts
    • Reduction or limits on interest rates. If you enter active duty and have an existing loan, you may be entitled to a lower interest rate. The loan on which a rate reduction is requested must be disbursed prior to the date the borrower was called to active duty. The 6% rate is in effect for your entire active duty service.
    • Reduced payments. If your interest rate is higher than 6%, your payments will be reduced to reflect the lower interest rate.

Contact us

Learn more

Contact us

By phone:
877.345.0693 (outside the U.S. call collect: 817.245.4094)

By fax:
866.696.0292 (outside the U.S. fax collect: 302.525.5889)
Attn: Military Benefits Unit

By conventional mail:
Military Benefits Unit
PO Box 982282
El Paso, TX 79998-2282

By overnight mail:
Military Benefits Unit
Department FL96000297
9000 Southside Blvd.
Jacksonville, FL 32256

By email
You may email us at militarybenefits@bankofamerica.com. We strongly discourage you from sending personal information via email unless it is sent through a secure, encrypted method. Unencrypted emails are at risk of being intercepted or seen by unauthorized parties. In order to learn more about how to send your information to us securely, please call us at 877.345.0693 and a specialist can assist you with this process. Please note that we will never solicit you to send us confidential information through email in an unsecured manner.

 

 

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You're continuing to another website

You're continuing to another website that Bank of America doesn't own or operate. Its owner is solely responsible for the website's content, offerings and level of security, so please refer to the website's posted privacy policy and terms of use.