Bank of America

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Inside This Article

Bank of America (BofA) is a multinational financial institution headquartered in Charlotte, North Carolina. Formed in the late 1990s through the merger of NationsBank and BankAmerica, BofA has grown into one of the largest banking operations in the United States and is considered among the top ten financial institutions globally.

BofA offers a comprehensive range of financial services to both military and non-military customers, including checking and savings accounts, credit cards, auto loans, home loans, wealth management, and investment banking. Unlike military credit unions that require membership, BofA is open to all customers and provides specific services tailored to the military community.

Military Banking Services

Bank of America provides dedicated financial solutions and resources for active duty military members, veterans, and their families. These services are designed to support the unique financial needs of military life, from deployment to transitioning back to civilian life.

Key Benefits:

Fee Waivers: Eligible military customers can benefit from waived monthly maintenance fees and ATM fees.
SCRA Protections: Under the Servicemembers Civil Relief Act (SCRA), BofA offers protections such as reduced interest rates on eligible loans and credit products.
Dedicated Support: A specialized team is available to assist military members with their financial needs and to ensure they receive the benefits they’re entitled to.

For more information, visit Bank of America’s Military Banking Overview.

Overseas Military Banking

Historically, Bank of America operated Community Bank branches on overseas U.S. military installations through a contract with the Department of Defense. However, as of April 2024, Navy Federal Credit Union has taken over this contract. While the transition aims to be seamless, military personnel should be aware of the change and any potential impacts on their banking services.

For details on overseas military banking services, visit the Community Bank website.

Verify your VA loan eligibility

Home Loans for Military Members

Bank of America offers various mortgage options to support military members and veterans in achieving homeownership.

VA Loans:

Zero Down Payment: Qualified veterans can secure a home loan with no down payment.
Flexible Credit Requirements: VA loans often have more lenient credit criteria compared to conventional loans.
Competitive Interest Rates: Benefit from favorable interest rates exclusive to VA loan programs.

It’s important to note that VA loans are only available for properties within the United States, its territories, and protectorates. Therefore, they cannot be used to purchase homes overseas.

For more information on VA and FHA loans, visit Bank of America’s FHA and VA Mortgage Loans.

See how your military service can get you into a home for $0 down

Applying for Financial Services

Bank of America offers multiple avenues for military members to access financial services:

Online: Open new accounts, apply for loans, and manage finances through BofA’s online platform.
In-Person: Visit any BofA branch or banking center for personalized assistance.
Phone Support: Dedicated customer service lines are available to address specific military banking needs.

Ensure you have the necessary identification and documentation when applying for services.

Check official requirements for a VA loan

Conclusion

Bank of America remains committed to supporting military members and their families by offering tailored financial products and services. From specialized banking benefits to dedicated support teams, BofA strives to address the unique financial challenges faced by the military community.

For comprehensive information on all military banking services offered by Bank of America, visit their Military Banking Overview.

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Written by Veteran.com Team

The editorial team here at Veteran.com works to help the U.S. military community discover the many military benefits available to them. Our team is supported by our Veteran Review Board and its Standard of Care, which all content on Veteran.com is reviewed to meet.