Updated: Mar 27, 2020
Recently the FDIC has urged financial institutions to work with its customers during this crisis by waving fees, payments etc. to help ease those affected.
Many Financial Institutions are currently putting plans in place. We will continue to monitor and update you with changes. Below are the current banks we know so far that are offering hardships during our current crisis. Please check back we will update this list daily
(For current public health guidance specific to COVID-19, more commonly known as the coronavirus, follow the CDC COVID-19 home page. CDC advice on keeping workplaces, schools, homes and commercial establishments—such as bank branches—safe is here.)
Auto loan payments can be deferred for up to 120 days. No late fees will be charged, but finance charges will accrue. New auto customers will have the option to defer their first payment for 90 days.
Mortgage payments for existing customers can be deferred for up to 120 days. No late fees will be charged, but interest will accrue.
All fees related to expedited checks and debit cards, overdrafts and excessive transactions on payment accounts will be waived for the next 120 days. There are no monthly maintenance fees or balance minimums.
For more information and updates, visit Ally’s coronavirus help page.
In an email to customers on March 12, Capital One encouraged them to access their accounts with the bank’s digital banking tools, including online and app access.
Customers facing “financial difficulties” due to the coronavirus were urged to contact the bank directly through one of its many customer support lines. But the email offered no specifics on what type of aid may be available for customers affected by COVID-19.
Capital One says all customers will be eligible for assistance, of which will vary on the type of product they have and their individual needs.
Examples of assistance include:
Minimum payment assistance
Deferred loan assistance
For more information and updates, visit Capital One’s coronavirus help page.
Effective March 9 for “an initial thirty days,” Citibank customers can contact the bank for assistance with:
Waivers on monthly service fees, for both regular and small business customers
Waived penalties for early CD withdrawal, for both regular and small business customers
Fee waivers on remote deposit capture for small business customers
Bankers available after hours and on weekends to support small business customers
Some credit card customers may be eligible for credit line increases and collection forbearance programs. Some mortgage customers may be eligible for a hardship program through Cenlar FSB, the bank’s service provider. For assistance, call Cenlar FSB at 855-839-6253 (Mon–Fri, 8:30 a.m.–8 p.m. ET or Sat, 8:30 a.m.–5 p.m. ET).
For more information and updates, visit Citibank’s coronavirus help page.
Discover’s coronavirus help page says there is “support in place” for qualified Discover customers who experience hardship as a result of the outbreak.
Online banking customers can reach out to Discover’s 100% U.S.-based Customer Service team for help by calling 1-800-347-7000 (TTY/TDD 1-800-347-7454) at any time.
For more information and updates, visit Discover’s coronavirus help page.
Marcus by Goldman Sachs
Customers with personal loans through Marcus by Goldman Sachs can postpone payments on their loans for one month with no interest, and their loan terms will be extended by one month.
To enroll in the assistance program, customers can call 1-844-MARCUS-6 (1-844-627-2876) (Mon–Fri, 8 a.m.–10 p.m. ET or Sat–Sun, 9 a.m.–7 p.m. ET).
For more information and updates, visit Marcus by Goldman Sachs’ coronavirus help page.
PNC’s website says it will be helping customers “navigate potential financial hardships” because of the coronavirus. In an email to Forbes, the bank encourages customers encountering hardship to reach out to the bank directly; assistance will be addressed on a case-by-case basis. Customers affected by the virus who are encountering hardship can call 1-888-762-2265 (Mon-Fri 7 a.m.–10 p.m. ET or Sat-Sun 8 a.m.–5 p.m. ET) for help.
PNC adds that the bank will continue to monitor the coronavirus situation “to determine potential extension or expansion of available assistance,” and customers will be notified of any developments as they arise.
For more information and updates, visit PNC’s coronavirus help page.
Santander states they will uspend payments, as well as refund late payment and overdraft fees for bank customers, stop collection calls, suspend mortgage and home equity line of credit foreclosures. They will also waive early withdrawal penalties on CDs and waive outgoing wire fees for customers. Will offer extensions and payment deferral accommodations for smalls business clients. And will over credit card limit increases. It will also expand payment deferrals, waive late charges and issue lease extensions.
Will offer financial relief options upon request, including fee refunds, early penalty-free access to CDs and payment extensions.
Link for TD Bank:https://www.td.com/us/en/personal-banking/COVID-19/
Truist (formerly BB&T and SunTrust banks)
Customers experiencing financial hardship due to the coronavirus will be provided payment relief on consumer loans, personal credit cards, business credit cards and business loans. The bank is also temporarily waiving ATM surcharge fees to help consumers and businesses access cash. Customers who use their BB&T and SunTrust credit cards for qualifying purchases at grocery stores and pharmacies will receive 5% cash back through April 15.
Customers in need of assistance can reach out to the following numbers:
Heritage SunTrust clients: 800-SUNTRUST (800-786-8787)
Heritage BB&T clients: 800-226-5228
For more information and updates, visit Truist’s coronavirus help page.
Wells Fargo customers experiencing hardship from the coronavirus disease can call 1-800-219-9739 to speak with a trained specialist about their options. This includes customers of consumer lending, small business and deposit products. Details on what type of assistance might be available have not been released but are likely determined on a case-by-case basis.
For more information and updates, visit Wells Fargo’s coronavirus help page.
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