Banks Providing Assistance To Customers Impacted By COVID-19
Dear Friends & Neighbors,
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In these unprecedented times, many banks are now offering various assistance programs to those affected by COVID-19. The following 22 financial institutions have pledged their support to customers who have been financially impacted by COVID-19 lockdowns. Some banks are deferring fees or offering good rates on personal loans.
Have you been affected by coronavirus (covid-19) and need mortgage relief? Federal regulators are ordering lenders to offer homeowners mortgage forbearance up to 12 months. In this video, I discuss what we know so far and how to qualify for mortgage forbearance during this difficult time, in the video “What is Mortgage Forbearance – Can I qualify due to COVID-19?“, below:
- Ally Bank: home and auto loan borrowers may defer payments for up to 120 days. Balance will continue to accrue interest during this time, but Ally Bank will not charge late fees or report payments as late to the credit bureaus. One must call Ally Bank first if intending to take advantage of this option. Ally Bank is also suspending fees for excessive transactions, overdrafts, and expedited checks and debit cards on savings and money market accounts until July 18, 2020.
- Bank of America: donating $250 million to local communities in need to assist with access to food, education, and medical treatment during the COVID-19 pandemic. Home and auto loan borrowers may request for payment deferral online or by phone. Submit the request online for faster response.
- BBVA USA: offering deferred payments to credit card and loan customers who filled out Payment Assistance Request form online; waving fees for using a non-BBVA ATM, and waving all early withdrawal penalties on certificate of deposits (CDs) opened before March 1. If an overdraft fee was charged on your BBVA account recently, contact BBVA for a refund.
- BMO Harris: deferring payments on loans and credit cards without late fee by filling out online form or contacting the bank by phone in order to take advantage of this assistance. Filling out online form is more likely to receive faster result than calling on the phone.
- Capital One: Reach out to the bank if having difficulty in keeping up with payments. There are many options for assistance-minimum payment assistance, deferred payments on loans, and waved fees, depending on individual cases.
- Charles Schwab Bank: mortgage payments may be deferred up to 90 days through Charles Schwab, but one needs to pay the amount one missed at the end of the 90 day period. Deferred payment will not affect one’s credit score, but interest will still accrue. Learn more about Charles Schwab Bank’s response to COVID-19 by clicking HERE.
- Chase: Payment assistance is offered to auto and home loan borrowers having difficulty. Individuals with car leases through Chase may request a six-month lease extension or do a lease-end vehicle return when lease ends. Please enroll in these assistance programs online or by calling Chase. Chase also pledged $50 million to nonprofit organizations to support Americans’ short- and long-term needs during COVID-19 pandemic.
- CIT Bank: Customers with deposit accounts and mortgages being impacted by COVID-19 are encouraged to reach out to the online-only CIT Bank. The bank’s new temporary hours are between 9:00 am and 9:00 pm (ET) Monday through Friday and 10:am to 6:00 pm (ET) Saturday if support is needed.
- Citibank: Waiving monthly service fees for banking customers, waiving penalties for early CD withdrawals until May 8, 2020, and waiving fees on safe deposit boxes and fees for non-Citi ATM usage. Payment deferral for up to two statement cycles may be requested by those who have credit cards and personal loans through the bank. Customers with mortgage are eligible for a range of hardship programs through Citibank’s service provider, Cenlar FSB. Contact Citibank for more details.
- Citizens Bank: offering payment assistance to customers who reach out, so to enable them to defer payments for up to 90 days with no impact on their credit score. Late fees on credit cards, loans, overdraft, and CD early withdrawal fees are also waived. Citizens Bank will return a monthly service charge as a rebate during COVID-19 pandemic. Mortgage and auto loan customers will not have to worry about their homes or vehicles being repossessed if payments fall behind because Citizens Bank has suspended all auto and home repossessions for 60 days. Be sure to call and confirm the time frame.
- Comerica Bank: offering payment assistance. Please speak with a representative by calling: 1(888)444-9876.
- Discover Bank: offering support to its banking, credit card, and loan customers who have been affected medically or financially by COVID-19. Reach out to Discover over the phone or message the company through your online Account Center or through the Discover Mobile App.
- East West Bank: offering mortgage payment relief options. One may request support on the mortgage homeowners assistance page by clicking HERE.
- Fifth Third Bank: Home and auto loan payments may be deferred up to 90 days without penalty. Various fees on deposit accounts may also be waived for up to 90 days. Suspension of all foreclosures and auto repossessions for 60 days. Be sure to call Fifth Third Bank if you want to take advantage of any of these hardship relief programs.
- HSBC Bank: All monthly maintenance fees on deposit accounts are waived, along with early withdrawal penalties on CDs and ATM and overdraft fees. Loan customers who are unable to keep up with their payments may defer payments for up to 60 days without penalty from the day they enroll in its hardship program. HSBC Bank will not charge late fees or report payments as late to the credit bureaus if the customer is enrolled in one of these programs.
- Huntington Bank: suspending all late fees on all consumer loan products and enabling those unable to keep up with their loan payments to request up to 90 days of payment deferral. Call Huntington Bank to enroll in the program. Repossessions and foreclosures are suspended as of March 17, 2020. Call Huntington Bank to confirm the end of the suspension period.
- Key Bank: $1 million is pledged to assist COVID-19 impacted communities in the bank’s service area. Bank is offering payment extensions, waived fees, and waived penalties on mortgages, credit cards, and other loan products. Customers may defer their loan payments up to 90 days if contact Key Bank to request hardship assistance. Key Bank is also offering Temporary Assistance loans at 1% APR to help customers through this tough time (must be an existing Key Bank customer to take advantage of these loans; no collateral is required).
- M&T Bank: offering mortgage payment assistance. One can submit one’s financial information on the mortgage & home equity repayment assistance page by clicking HERE.
- Marcus by Goldman Sachs: Loan customers may postpone loan payments for one month with no interest. Loan term may be extended by one month if customer enrolls in this assistance program and agree to the program terms. Early withdrawal penalties on high yield CDs may be waived if funds need to be accessed before the maturity date.
- PNC Bank: Payment deferral on credit card and loan may be enabled through a form on the bank website or by calling customer support. If postponement of the payments is needed, PNC Bank will not charge late fees, though customers’ balance will continue to accrue interest. Be sure to check with the bank the deferral or postponement-without-fees period will last.
- Santander Bank: Allowing retail banking customers to request payment deferral through online accounts. There will be no late payment fees if one enrolls in this program, though one’s balance will accrue interest. Please contact Santander Bank for details if there is any question about this hardship assistance program.
- TD Bank (part of TD Ameritrade): Contact TD Bank by phone about options and enrolling in hardship assistance program that would enable deferring payments without late fees.
- TIAA Bank: waiving fees for wire transfers, insufficient funds, ATM transactions, and late credit card payments during COVID-19 pandemic, increasing the limit on debit and cash withdrawals. There is also temporary forbearance for customers who have mortgage through TIAA Bank, enabling customers to skip payments without penalties, even though interest will continue to accrue. Please contact TIAA Bank to enroll in one of these programs.
- Truist (product of a merger between BB&T and Suntrust banks): offering payment deferral for up to 90 days to credit card and loan customers and temporarily waiving ATM surcharge fees. To apply for hardship assistance, please fill out its online form. Truist has pledged $25 million in philanthropic support to several organizations, including Centers for Disease Control and Prevention, John Hopkins Medicine, and United Way. Truist also promised to support the cash flow needs of its retail and business customers through some lending programs.
- U.S. Bank: temporarily reduced the rates on Personal and Simple loans. Personal Loan-loan amount between $1,000 and $4,999 with terms up to 48 months at a reduced APR of 2.99%, Simple Loan-loan amount between $100 and $1,000 with no hidden fees and repay loan in three equal payments. Current fee is $6 per $100 borrowed, reduced from the normal $12 to $15 per $100 borrowed. Mortgage customers may also defer payments to up to 180 days with no late fees, though the balance will continue to accrue interest during that time. Contact U.S. Bank by phone to discuss options if more assistance is needed.
- Wells Fargo: reach out to the bank during COVID-19 pandemic to discuss options if customer is experiencing financial hardship. Wells Fargo will evaluate on a case-by-case basis, for eviction, foreclosures, payment deferrals, or fee waivers situations. Wells Fargo Foundation is also donating up to $175 million to support global and domestic response to COVID-19.
This list is not complete. So, if your bank is not listed above, be sure to contact your bank’s representative to confirm if there is any assistance program during this COVID-19 pandemic suitable for you.
Be sure to contact your bank: call or in person or online to clarify all details of any of the programs listed above or for any programs not listed above.
Let us be wary as the country will be reopened. Let’s be cautious and wear facial coverings in public and continue practicing social distancing (at least 6 feet from others), for COVID-19 is not yet gone. It does appear that U.S. is deficient in testing and contact tracing at the moment. Let’s hope this will soon change. It is not likely that our life will return to normal until 2022, after the vaccine for COVID-19 will become available to general public globally.
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Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker
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