14 Banks Helping Customers Affected by Coronavirus
Banks are offering a plethora of financial hardship assistance programs to those affected by COVID-19.
Staying healthy and slowing the spread of COVID-19 is still the top priority in most people's minds -- and rightfully so. But as businesses continue to close due to social distancing restrictions, concerns over financial security continue to grow.
In these unprecedented times, we're seeing some unprecedented levels of assistance coming from neighbors, the federal government, and now from banks. The following 14 institutions have all pledged their support to customers who have been financially impacted by COVID-19 closures. Some banks are deferring fees or offering good rates on personal loans. All are ready to work with each person and family to come up with fair solutions.
1. Ally Bank
Ally Bank is enabling its home and auto loan borrowers to defer payments for up to 120 days. Your balance will continue to accrue interest during this time, but Ally will not charge late fees or report your payments as late to the credit bureaus. You must first call Ally if you intend to take advantage of this option. Ally is also suspending fees for excessive transactions, overdrafts, and expedited checks and debit cards on savings and money market accounts over the next 120 days.
2. Bank of America
Bank of America has announced that it's donating $100 million to local communities in need to assist with access to food, education, and medical treatment during the COVID-19 outbreak. It also encourages customers who have been financially affected by the pandemic to contact the bank to discuss assistance options, including loan forbearance with certain fees.
3. Capital One
Capital One is another bank that is encouraging affected customers to reach out by phone if they are unable to keep up with their payments. Options include minimum payment assistance, deferred payments on loans, and waived fees. Capital One, like many of its competitors, is handling things on a case-by-case basis, so you won't know what kind of assistance you may qualify for until you call.
Chase is working with customers on an individual basis to find suitable solutions to the current crisis. In a letter on the company's website, it encourages individuals experiencing financial hardship to contact the company using the phone number on the back of their credit or debit card or on their monthly statement. You can also find customer support phone numbers online. In addition to offering its customers assistance, Chase has also pledged $50 million to nonprofit organizations to support Americans' short- and long-term needs during the COVID-19 pandemic.
5. CIT Bank
Online-only CIT Bank encourages customers with deposit accounts and mortgages to reach out if they have been impacted by COVID-19. The bank's new temporary hours are between 9 a.m. and 9 p.m. Eastern Time Monday through Friday and 10 a.m. to 6 p.m. Eastern Time Saturday, so you must contact it within these hours to receive support. As of now, the bank's coronavirus information page only shares the bank's customer service numbers.
Citibank has been more forthcoming than many of its competitors about the assistance it's offering to affected customers. It is waiving monthly service fees for banking customers and waiving penalties for early certificate of deposit (CD) withdrawals. Those who have credit cards through the bank can request credit limit increases and collection forbearance. Mortgage customers are also eligible for a range of hardship programs through Citibank's service provider, Cenlar FSB. Contact Citibank for more details.
7. Discover Bank
Discover doesn't go into detail on its website, but it does say it's offering support to its banking, credit card, and loan customers who have been affected, either medically or financially, by COVID-19. You can reach out to Discover over the phone or message the company through your online Account Center or through the Discover Mobile App.
8. Marcus by Goldman Sachs
Marcus by Goldman Sachs is enabling its loan customers to postpone loan payments for one month with no interest. The bank will extend your loan term by one month if you choose to participate. If you'd like to enroll in this customer assistance program, you must contact Marcus by Goldman Sachs to notify the bank and agree to the program terms.
9. PNC Bank
PNC Bank is offering support to customers affected by COVID-19, though it's remained tight-lipped about what that support is. Its website says it offers "an array of hardship relief options for which customers may be eligible depending on their product(s) and needs." Reach out to PNC Bank by phone to learn more about specifics.
10. TD Bank
TD Bank is encouraging customers impacted by COVID-19 to call to discuss financial relief options, which may include fee refunds, early access to certificates of deposit, and payment extensions. The bank says it is not anticipating any customer service interruptions at this time, but like many of its competitors, it may be experiencing higher-than-average call volume, so you may have to wait a while before you can speak to a representative.
11. TIAA Bank
TIAA Bank is also encouraging those interested in financial hardship assistance programs to reach out by phone to discuss their options. It suggests customers use their online and mobile banking tools and advises customers to be prepared for long wait times when contacting customer service. TIAA Bank has not publicly said how it plans to help customers.
Truist, the product of a recent merger between BB&T and SunTrust banks, is offering payment relief assistance to its credit card and loan customers, and it's also temporarily waiving ATM surcharge fees. Credit card holders can also earn 5% back on qualifying grocery store and pharmacy purchases until Apr. 15, 2020. Truist has pledged $25 million in philanthropic support to several organizations, including the Centers for Disease Control and Prevention, John Hopkins Medicine, and United Way. It's also promised to support the cash flow needs of its retail and business clients through a number of lending programs.
13. U.S. Bank
Starting on Mar. 13, 2020, U.S. Bank has temporarily reduced the rates on its Personal and Simple loans. Its Personal Loan enables you to borrow between $1,000 and $4,999 with terms up to 48 months at a reduced APR of 2.99%. Its Simple Loan product lets you borrow between $100 and $1,000 with no hidden fees and repay the loan in three equal payments. The current fee is $6 per $100 borrowed, down from the normal $12 to $15 per $100 borrowed. If you require more assistance, you can contact U.S. Bank by phone to discuss your options.
14. Wells Fargo
Wells Fargo is another bank that's encouraging customers experiencing financial hardship due to the COVID-19 pandemic to reach out to the bank via phone during its customer support hours to discuss their options. It's handling things on a case-by-case basis, so calling is the only way to know what support is available to you. The bank is also donating up to $6.25 million to support global and domestic response to COVID-19.
If your bank isn't listed here, you can always try contacting it to see if they are offering any support to customers impacted by COVID-19. Expect longer-than-average wait times wherever you call, as thousands of other Americans are also trying to get assistance. Keep an eye on correspondence from your bank, too, as some of them may extend or expand their available support as the pandemic continues.
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