When members of the U.S. military are called to active duty, it’s critical for them to devote their full attention to their service. That’s why the Servicemembers Civil Relief Act (SCRA) was created, helping service members ease some of their financial obligations.
If you’re an active-duty member of the U.S. military, you may be eligible for SCRA benefits and protections for products such as lines of credit, loans, mortgage and deposit accounts. These benefits and protections may apply to both consumer and business loans.
What is the Servicemembers Civil Relief Act (SCRA)?
The Servicemembers Civil Relief Act (SCRA) is a federal law designed to provide financial and legal protections to active-duty military members. The SCRA helps eligible service members reduce financial stress during active service by capping interest rates, delaying certain civil actions, and providing protections related to foreclosure.
Who is eligible for SCRA benefits?
- Activated reservists.
- All active-duty service members of the Air Force, Army, Coast Guard, Marine Corps, Navy and Space Force.
- Commissioned officers of the National Oceanic and Atmospheric Association or Public Health Service.
- National Guard members called to active duty for a period of more than 30 consecutive days.
- The spouse and dependents of active-duty service members.
What are some of the main benefits of the SCRA?
- Interest Rates: If you’ve incurred debt prior to military service, the SCRA caps the interest rate at 6% per year.
- Protection Against Foreclosure: If you obtained your mortgage before entering military service, a lender may not foreclose on your home without first getting a court order. This SCRA protection covers you not only while you're on active duty, but also for 12 months after your military service ends. It’s wise to notify your bank of your call to military service.
- Vehicle Repossession Protections: During your military service, lenders must obtain a court order before repossessing personal property securing non-mortgage related installment loans obtained before you entered military service. However, you will be reported to credit bureaus if you are delinquent on payments. Protection from repossession ends when your military service ends, but Zions Bank extends this protection to you for an additional six months after your military service.
- Deposit Accounts: Zions Bank will not charge insufficient funds fees to your deposit accounts during your military service and for an additional six months after your military service ends.
How do I apply for SCRA benefits with Zions Bank?
The quickest way for Zions Bank clients to request benefits is by completing the following online forms:
Servicemembers Civil Relief Act Request for Relief Form (This form is not a condition of eligibility if the bank is in receipt of your military orders.)
Servicemembers Civil Relief Act Reimbursement Consent Form
You may also request benefits in person at any Zions Bank branch or by sending an email to SCRAUnit@zionsbancorp.com
You may also mail your written request to:
Zions Bank
SCRA SERVICING UNIT
Mail Code UT-ZTC-1850
7860 S Bingham Junction Blvd
Midvale, UT 84047
Written requests should include:
- Your name and Social Security Number
- All of your account numbers associated with Zions Bank.
- Completed copy of Servicemembers Civil Relief Act Request for Relief Form (This form is not a condition of eligibility if the bank is in receipt of your military orders)
- Servicemembers Civil Relief Act Reimbursement Consent Form
- A copy of your active duty orders, or a letter from your executive or commanding officer on official letterhead, which the bank will accept as written notice of eligibility for SCRA benefits and protections. It will need to include your name and Social Security Number, active duty start date and your branch of service.
What if I need additional SCRA information?
Zions Bank has dedicated SCRA personnel who are happy to respond to questions. Call 866-251-2816 or email SCRAunit@zionsbancorp.com.
Zions Bank is Proud to Support Those Who Serve
Zions Bank is proud to support the men and women who serve our nation, and has been recognized locally and nationally for engagement in military and veteran organizations and support for the military community.
The Servicemembers Civil Relief Act (SCRA) was created to help active-duty service members focus on serving the nation without facing unnecessary financial hardship at home. From interest rate reductions and foreclosure protections to legal safeguards and financial relief options, the SCRA provides important protections for eligible service members and their families during periods of active duty. Zions Bank is proud to support the military community by helping eligible clients understand and access the benefits available to them through the SCRA.