22 million Americans have filed for unemployment since the shutdown. With so many facing financial hardships like never before, COVID-19 has left many Americans in need of financial assistance.
Banks, auto insurers, state governments, and the federal government are scrambling to get out the necessary assistance programs. The CARES Act has provided a stimulus check and extended unemployment to individuals, as well as assistance for small businesses in addition to a long list of other types of help.
There is a long list of banks offering their customers help in the wake of this new reality. Read on to see if your bank is one of the many offering their customers some form of assistance.
Ally Bank is offering several types of assistance to its banking, auto, and home loan customers.
There will be no transaction fees or charges if a customer has an overdraft. Customers who need debit or credit cards shipped will not pay expedited fees.
For auto and home loan customers:
- Payment deferral for up to 120 days without late fees
- Deferrals will not be reported to credit bureaus
- New auto loans can defer payments for 90 days
- Home loans can also be deferred for 120 days
Anyone seeking a deferment should contact Ally Bank customer care 24/7 (1-877-247-2559) and download their customer care app. Ally also plans to give $3 million in support to communities in need.
Bank of America
Bank of America has changed its service hours but remains open for customers for set hours daily and on Saturday.
They have pledged to donate $100 million to support vulnerable communities and $250 million to community development.
If you are a Bank of America customer, the bank encourages you to contact them if you require financial assistance.
BBVA is a regional bank that has its headquarters in Birmingham, Alabama. Customers in need of assistance are encouraged to contact their branch bank directly or call 1-844-222-3862.
BBVA is allowing customers with CDS that were opened before March 1 to withdraw funds penalty-free.
If other customers need a:
- Line of credit
- Credit card deferral
- Loan payment extension or deferral
They should contact the bank as well. If you are a BBVA customer and use your ATM out-of-network you can request the fees to be waived.
BMO Harris is another regional bank found in 8 states in the Midwest. They have a long list of support available to their customers including:
- Payment deferrals for credit cards, mortgages, home equity, and personal loans
- Payment deferrals for small business loans
- Savings and checking customers get fees waived
- CD early withdrawal fees are waived
Any customer faced a home foreclosure or property repossession gets relief too. The bank has also pledged $500,000 in community support.
Capital One is offering customers support through their customer support page where they are encouraged to reach out for assistance. They are handling needs on a case by case basis.
Capital One has temporarily closed all of their brick and mortar Capital One Cafes, so customers should contact them by phone.
Chase has closed 20% of its branches for safety because of the coronavirus. The other branches remain open with more limited hours.
Chase’s president encourages customers to contact them with specific needs requests. The bank also pledges to donate $50 million to nonprofits for public health needs and economic challenges.
Citi Bank is another with a long list of assistance available. If your local branch has closed temporarily, you are encouraged to contact them via phone.
Here is a list of some assistance available:
- Mortgage hardship program
- Increase in credit lines for credit cardholders
- Waiving of fees for credit cardholders for two billing cycles
- Credit cardholders can also defer minimum payments
- Student loan borrowers through Firstmark
CD withdrawal fees and penalties are being waived. If you hold a safety deposit box, you can also request the bank to waive fees. Finally, ATM out-of-network fees will be waived too upon request.
Citizens Bank has reduced its hours at most locations. They have also temporarily closed some locations. For customer safety, they have installed a plexiglass shield between tellers and customers.
For customers needing assistance, they are encouraging you to contact their banking center at 1-800-922-9999 to discuss fees and options for assistance.
They have also pledged to donate $5 million to aid small businesses and communities in need. For their customers who have cash-back credit cards, you can choose to donate all or a portion of your rewards to helping others as part of Citizens outreach.
Consumers Credit Union
Consumers Credit Union has closed its walk-in services temporarily. Customers must use drive-up services or contact them by phone at 877.ASK.CCCU (877.275.2228).
If you are concerned about your investments in the wake of up and down markets, you can contact a Consumers’ Financial Advisor.
If you have a cash flow problem because of unemployment or a reduction in income, you can skip the next monthly qualified loan payment at no charge. If you take advantage of this Skip-A-Pay option, the deferred payment will be added to the end of the current loan contract.
Discover recognized customers may be facing hardship. While they don’t name specifics, they do suggest customers call their U.S.-based Customer Service team for help by calling 800-347-7000.
You can also message directly through your Discover app.
Fifth Third Bank
Fifth Third has several assistance options including:
- No fees for consumers and small businesses with deposit accounts for 90 days
- Foreclosure on residential properties will cease for 60 days
- Payment forbearance for mortgages and home equity loans
- Auto repossessions will cease for 60 days
Customers are encouraged to contact Fifth Third customer representatives at 800-972-3030. There is also a dedicated hardship line at 866-601-6391.
HSBC is telling its customers they will waive all monthly maintenance fees for deposit accounts. They will not charge early withdrawal fees or penalties on CDs. There will not be fees on ATM withdrawals or overdrafts.
If you have a loan through HSBC and are struggling to keep it current, you can defer the payments for 60 days without penalty. This starts when you enter their hardship program. If you are enrolled in their hardship program, you won’t be charged late fees and they will not report to credit bureaus.
Huntington Bank is offering several relief options for its loan holders. They are suspending late fees on consumer loan products. They are also allowing those struggling to make loan payments to request a 90 payment deferral.
They have suspended foreclosures and repossessions as of March 17th, 2020.
To get assistance or to enroll in a deferral program, contact the bank directly.
Key Bank is a regional bank based out of Cleveland, Ohio. They have suspended in-person service although appointments are available upon request. You can also continue to use their drive-through services.
If you are a small business with Key accounts, you are encouraged to contact them for support at 1-800-539-2968.
CD withdrawal penalties can be waived. Loan terms can also be extended depending on need.
They are willing to defer payments for up to 90 days. You can avoid making interest and principal payments during the crisis. They will not report to credit reporting agencies.
Marcus by Goldman Sachs
Marcus by Goldman Sachs is offering a variety of assistance options. These include:
- Enabling its loan customers to postpone loan payments for one month with no interest
- Extend your loan term by one month
- Waiving early withdrawal penalties on high-yield CDs if you need to access your funds before the maturity date
Customers who would like to enroll in their customer assistance program should contact Marcus by Goldman Sachs to notify them. They will layout the terms and you must agree.
Navy Federal Credit Union
Navy Federal Credit Union has closed temporarily some branches and reduced hours at the locations. They are offering support 24/7 through their mobile app.
Some of their assistance includes:
- Credit card limit increase
- Pandemic Relief Loan
- Mortgage loan forbearance
- Overdraft protection, fee-free transfers, and penalty-free certificate withdrawals
- Temporarily suspend mortgage payments for 90 days
To request this forbearance, members are asked to send a secure message online rather than to call, due to increased call volumes and wait times. Other members are invited to call 800-336-3767 for deferments on credit cards, auto loans, or personal loans and loan extensions.
Small business owner members are invited to contact Navy Federal Business Solutions at 877-418-1462 to discuss specific small business relief options.
Many PNC locations are closing temporarily. Customers can continue to use drive-through services. If you have a safety deposit box you need to access, closed location appointments are available.
Additionally, they are offering those with student loans the option of postponing payments without any late fees. If you have mortgage hardship, you can request forms online. They also have emergency hardship loans available.
Retail bank customers can help too. PNC will waive or refund certain fees, such as overdraft fees and monthly service fees.
Santander is offering its retail customers the option to request a payment deferral through their online accounts. There will be no late payment fees, however, your account will still accrue interest.
If you need hardship assistance, you are encouraged to contact Santander directly at 844-728-0999.
State Employee Credit Union
State Employee Credit Union, SECU, has closed in-person operations. If you need to access a safety deposit box, appointments are available. Drive-through services remain open.
The 24/7 Member Services Support Center, available at 888.732.8562. You can also use the ASK SECU Voice Response Service, at 919.839.5400 for account information.
Loan assistance is available for eligible members who may seek either a new loan or a payment extension on an existing SECU mortgage, auto, credit card, or unsecured personal loan.
TD Bank is a division of TD Ameritrade. They are assisting customers in a variety of forms.
If you have a personal loan, mortgage, home equity loan, line of credit, or auto loan you can request a deferment of payments. You can also request late payment fees to be waived.
Small business customer relief includes refunds on monthly maintenance fees for business deposit accounts, deferment of payments on small business loans and lines of credit, refunds on transaction fees such as overdraft and non-TD ATM fees, waivers of certain fees for Merchant Solutions Customers and early access to business certificates of deposit with no early withdrawal penalties.
If you have a small business account with TD Bank, contact them for support.
TIAA is offering assistance by waiving fees for ATM transactions, wire transfers, insufficient funds, and late credit card payments. They will increase limits on debit and cash withdrawals. Credit card customers can skip a payment without penalty.
Mortgage customers impacted directly by COVID-19, whether due to their illness, a loss of work or caregiving responsibilities for an ill family member, can request a forbearance. An online form is available to apply for this assistance.
Business banking and small business clients are invited to call 866-371-3831 to discuss assistance that may be available, including fee waivers for business deposit accounts and loan payment assistance.
Truist is a new merger between SunTrust and BB&T banks. Those needing payment assistance can submit an online request and defer payments on residential mortgages, credit cards, and other consumer loans. Customers can request a deferral for up to 90 days.
Truist will waive ATM surcharge fees temporarily for consumers and business owners. They are offering payment relief assistance for customers with credit cards, business loans, and consumer loans.
SunTrust and BB&T consumer credit cardholders can get 5 percent cash back through April 15 when they purchase certain items at pharmacies and grocery stores.
US Bank has made some changes to its loan program.
They have temporarily reduced the rates on its Personal and Simple loans. Its Personal Loan enables you to borrow between $1,000 and $4,999 at a reduced APR of 2.99% for 12-48 months.
Simple Loans 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.
Mortgage customers to defer payments for up to 180 days with no late fees. The balance will continue to accrue interest during that time.
Wells Fargo encourages its customers to reach out if they need assistance.
They are also suspending evictions, foreclosures on residential property, and auto repossessions. Fee waivers and payment deferrals are available too.
Up to $175 million to support global and domestic needs is being donated by The Wells Fargo Foundation.
Contact This List of Banks for Assistance
While this list of banks is long, it may not be exhaustive. All financial institutions are encouraging customers to contact them directly to seek assistance.