Bank of America SCRA Benefits: 4% Mortgage, Fees for Life

Bank of America keeps its headline SCRA program at the statutory 6%, but it adds two benefits worth real money: a 4% rate on mortgages it both owns and services, and select credit card fees waived for life after you finish service. The mortgage cut matters most, because a home loan is usually the largest pre-service debt you carry.

Dropping a mortgage from 6% to 4% on a $250,000 balance is roughly $5,000 a year in reduced interest during the covered period. The catch is in who owns the loan.

What you get

Feature	Statutory SCRA	Bank of America program
Rate cap on pre-service debt	6% APR	6% APR
Mortgages BofA owns and services	6% APR	4% APR (voluntary)
Card fees after service	Not addressed by statute	Select fees waived for life
Card rate after service	Reverts at end of duty	Reduced rate continued into transition
Request window	During service	Up to 180 days after service

The 6% cap, retroactivity, and forgiveness above 6% come from § 3937. The 4% mortgage and the lifetime fee waivers are Bank of America policy.

The mortgage catch worth checking

The 4% rate applies to home loans Bank of America both owns and services. Many mortgages are sold to investors like Fannie Mae or Freddie Mac while BofA keeps servicing them. If that is your loan, the statutory 6% still applies, but the voluntary 4% may not. Before you assume 4%, ask Bank of America who owns your loan. The answer decides which rate you get.

How to apply

✅ File your SCRA request with Bank of America

1. Gather orders covering your active-duty period and list your pre-service BofA accounts.
2. Complete the Military Benefit Request form and attach your orders.
3. For a mortgage, confirm whether Bank of America owns as well as services it, so you know if the 4% applies.
4. Submit, then watch for the reduced rate, lower payment, and a retroactive adjustment to your duty start date.
5. On separation, ask which card fees stay waived for life and whether your reduced card rate continues.

Things people trip on

Owned and serviced is a real distinction. The most common disappointment here is a service member expecting 4% on a mortgage that BofA only services. The statutory 6% is still yours. The 4% depends on ownership.

Claim the after-service benefits on the way out. The lifetime fee waivers and continued reduced rates do not apply themselves. Ask for them at separation and get the confirmation in writing.

Use the 180-day window. You can file up to 180 days after you complete service. Late is better than never, and the refund process recovers overpaid interest.

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📜 The law behind this: 50 U.S.C. § 3937

Maximum rate of interest on debts incurred before military service — read the statute.