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In gratitude for the esteemed service to protect our country, Vectra Bank supports military clients and wants to ensure service members are aware of the Servicemembers Civil Relief Act (SCRA) and the benefits it offers.
The SCRA lets persons on active duty in the US Military devote their full attention to service by easing some of their financial obligations and, in certain cases, suspending the enforcement of civil liabilities.
As an active duty member of the US Military, you may be eligible for SCRA benefits and protections on the following products:
Benefits and protections for service members apply to both consumer and business loans.
For more information, reach out to the Vectra Bank® SCRA unit:
SCRAunit@zionsbancorp.com
866–251–2816
SCRA Servicing Unit
Mail Code UT-BOB-1850
2160 South 3270 West
West Valley City, UT 84119
Vectra Bank also supports you and your family by offering banking products designed specifically for your financial needs.
SCRA is short for “The Servicemembers Civil Relief Act”. This law protects your financial and legal affairs while you are on active duty military service. For example, SCRA requires your creditors to provide certain relief from debt that you incurred before entering active duty. It also suspends some legal actions against you if the action will interfere with your military service.
The interest rate cap protection is one of the major benefits of the SCRA. If you are eligible for SCRA benefits, the interest rate on debts you incurred prior to your military service will be reduced to 6% per year and the required payments will also be reduced to reflect this lower interest rate.
SCRA benefits are available to:
You must do three things:
An interest rate reduction on your home mortgage expires 12 months after you complete your military service. The interest rate reductions on all other eligible loans expire 6 months after you complete your military service.
Vectra Bank makes every effort to ensure all eligible accounts are identified when you submit your request for SCRA benefits. If you find that one of your accounts is not receiving benefits, or if you have concerns about a specific account, please contact:
Vectra Bank SCRA Unit Toll-free telephone: 866–251–2816 Email: SCRAunit@zionsbancorp.com
SCRA benefits and protections apply to debts that you incur individually or jointly with your spouse before you enter active duty military service. You may request an interest rate reduction for a credit card account only if you are a signer on the account or otherwise responsible for paying the account balance. If you and your spouse have a joint credit card account, SCRA benefits may apply.
Your spouse is able to obtain information and make any decisions on your behalf regarding your joint accounts.
For individual accounts in your name only, your spouse will need a properly executed power of attorney from you. For full details about establishing a power of attorney, be sure to contact your military legal service office or your private attorney.
If you obtained your mortgage before entering military service, Vectra Bank may not foreclose on your home without first getting a court order. This SCRA protection covers you not only while you are on active duty but also for 12 months after your military service ends.
It is always a good idea to notify Vectra Bank of your call to military service.
During your military service, the Bank must obtain a court order before repossessing personal property securing non–mortgage related installment loans obtained before you entered military service. This protection ends when your military service ends. However, Vectra Bank extends this protection to you for an additional 6 months after your military service ends.
Vectra Bank will not charge insufficient funds fees or continuing overdraft fees to your deposit accounts during your military service and for an additional 6 months after your military service ends.
Vectra Bank will not open your safe deposit box or claim any right to the contents of your safe deposit box without a court order. This protection lasts throughout the term of your military service and for an additional 6 months after your military service ends.
Yes, payments are still required. Although the SCRA protects you from foreclosure, and repossession without a court order, Vectra Bank may take any of these actions if a court considers it appropriate. Also, the Bank will continue to report any delinquent payments to the credit bureau. Any missed or late payments, even if during a covered active duty period, will affect your credit rating.
For a loan account to qualify for SCRA benefits and protections, including interest rate reduction and foreclosure protections, you must have opened the account before going on active duty. Loan accounts opened during the term of your military service are not eligible for SCRA benefits or protections.
You may have received this letter because Vectra Bank was unable to verify your active duty status through a search on the Department of Defense (DOD) website or with the documentation you provided. To help us determine your eligibility for SCRA benefits and protections, we need a copy of active duty orders or a letter from your commanding officer on official letterhead that includes:
You must make timely and full payments on bank accounts receiving SCRA protections. If you fail to do that, the Bank is required to report to the credit reporting agencies that you are past due on those accounts.
Requests are generally declined for one or more of the following reasons:
The quickest way to request benefits is by completing the following online forms:
You may also request benefits in person at any Vectra Bank branch or by sending an email to:
SCRAUnit@zionsbancorp.com
It may be more convenient for you to mail your written request:
Vectra Bank
Attn: SCRA Servicing Unit
Mail Code UT-BOB-1850
2160 South 3270 West
West Valley City, UT 84119
Written requests should include:
Vectra Bank has dedicated SCRA personnel who are happy to respond to questions you may have. Just call 866–251–2816 or send an email request to SCRAunit@zionsbancorp.com.
Your Vectra Bank Relationship Bankers are available to answer your questions and help with all of your financial needs. Please give us a call at: 844–210–3604 (Mon – Sat, 7am – 7pm MST), visit us at one of our branch locations or complete the form below.