Bank of America

Bank of America was the first financial institution to sign on to the Carolina Relief Plan.

In response to the Attorney General’s efforts to provide economic relief to people facing financial hardship, we agree to offer, or continue to offer, the following program to our North Carolina customers economically impacted by COVID-19:

• Allow eligible customers to request a 90-day grace period on their residential mortgage payments that are not already covered by the CARES Act. Customers can apply for that grace period through at least June 30, 2020. The company also agrees to work with these customers on a reasonable repayment plan after forbearance.
• Allow eligible customers to request assistance for payment extensions of auto loan accounts. Customers can apply for the extension through at least June 30, 2020. The company also will continue to place involuntary auto repossessions on hold through at least June 30, 2020.
• Allow eligible customers to request relief from monthly maintenance fees, overdraft fees, and CD early withdrawal penalties (subject to applicable federal regulations). Customers can apply for the relief through at least June 30, 2020.
• Place a moratorium on residential mortgage foreclosures of occupied properties and consumer auto repossessions through at least June 30, 2020.
• Refrain from reporting loans subject to agreed-upon accommodations related to COVID-19 as delinquent.
• Inform customers about the assistance they are being offered and alert them to the heightened risk of scams during the COVID-19 pandemic.