Bank Of America SCRA Department

Hi I want to know about the Bank of America Servicemember's Civil Relief Act SCRA department as some one told me that it is beneficial for the military employee??

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Bank of America is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina.

The Servicemember's Civil Relief Act (SCRA) gives the protections for persons who are entering the service, called to active duty in the military or deployed servicemembers.

Working Of SCRA

The SCRA is intended to postpone or suspend certain civil obligations many of them financial so service members can devote their full attention to their duties while their family members experience less stress.

Example

The SCRA places a limit on the amount of interest that may be collected on financial obligations of any kind: 6 percent per year during the time of military service.

Any amount over and above that 6 percent is permanently forgiven.

The SCRA also defines servicemember benefits with regard to issues such as trials, taxes, leases, mortgages and more. For additional information on the SCRA.

SCRA Eligibility

SCRA protections extend to all active duty service members and activated reservists, and active duty members of the commissioned corps of the National Oceanic and Atmospheric Administration (NOAA), the commissioned corps of the Public Health Service and the National Guard (when called to active duty).

Time Period

The SCRA protections starts when you enter active duty.

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.

You have up until 180 days after the end of active duty to request benefits.