Many are deferring payments and even waiving monthly service fees. Find out about yours here.
Updated: 3:23 p.m. ET Apr. 16, 2020
Businesses have been forced closed and unemployment is skyrocketing. The COVID-19 pandemic has the average American in fear for both their physical and financial health.
But banks have been uncharacteristically providing financial relief to customers to soften the blow while we try to flatten the curve.
To help you find these resources, Debt.com compiled a list of all the relief plans banks are offering. This list will be updated as banks make more announcements.
Ally Bank is trying to live up to its name by offering the following perks:
- Until July 16, fees on overdrafts, expedited checks and credit cards, or excessive transactions have been lifted.
- Zero fees on broker-assisted trades, paper statements, and overnight outbound check processing for 120 days.
- Home and auto loan payments are deferred for 120 days with no red marks to your credit.
All fees are waived automatically, but you have to register for the auto loan deferment online and call the home loan payment department at 1 (866) 401- 4742.
Bank of America said it will donate $100 million to help communities face COVID-19, but it’s also helping its customers by offering the following:
- Through the bank’s client assistance program, you can ask for financial help tailored to your situation.
- You can submit an online request for a payment deferral.
Citibank promises to double down on disinfecting its locations, but also has some solutions for your finances:
- Until April 8, you don’t have to worry about paying monthly service fees or penalties for early CD withdrawal.
- You also don’t have to pay to deposit over your phone or computer if you’re a small business customer. Help from bankers is available after hours and on weekends for support until April 8.
Fifth Third Bank is covering far more than a fraction of its customers’ possible issues:
- For up to 90 days, you can defer your vehicle payment, credit card fees, business banking loans, and mortgage with no late fees.
- If you have a business banking deposit account, you can also get refunds on select fees for 90 days.
- The bank won’t take your car or home for the next 60 days if you put in a request.
- You can get a fee waiver for some consumer products and services that lasts 90 days.
Customers can call 1 (866) 601- 6391 to enroll in these hardship assistance programs.
Tens of thousands of people are already taking advantage of Goldman Sachs’ following deals:
- If you have an Apple Credit Card, you don’t have to make payments for the month of March and don’t have to worry about interest.
- And if you use the online banking platform called Marcus, you can delay making payments for a month without interest. Your loan term will be extended by a month, too.
Navy Federal is continuing to serve its veteran customers by offering the following:
- It’s now possible to extend loans, defer payments and take out an emergency loan.
- You can also apply for a credit card limit increase and refunds on late loan fees and credit card payments.
- Want to withdraw your CDs early? You can now avoid a fee for doing so.
- You can also get protected from overdrafts by paying only $20 per overdraft. They also offer a month to bring the account to a positive balance.
- Overnight shipping is available for cashier’s checks and debit cards. You can get free overnight shipping on cashier’s checks and debit cards.
- You can transfer money from member-to-member for free with Zelle.
PNC banks are only drive-up right now, and a fourth of them are closed entirely.
PNC’s list of hardship assistance programs is a little vague at times, but here’s what you can possibly gain:
- You may be able to postpone payments for up to 90 days with no late fees if you have an auto loan, unsecured installment loan, credit card, unsecured line of credit, mortgage, home equity loan or home equity line of credit.
- Students may be able to defer payments up to 90 days as well.
- If you take out small business lending products, you can modify your loan with no late fee.
- Foreclosure sales, repossession, and eviction are temporarily suspended.
To see if you qualify for any deferments, call 1(888) 762 – 2265.
If you have Truist, a recent merger between BB&T and SunTrust, you might be able to earn cashback to those essential grocery stores and pharmacies. Here’s what else you can get:
- ATM surcharge fees have been suspended.
- You can get 5% cashback for certain purchases at pharmacies and grocery stores until April 15.
- Payment relief for mortgage loans, consumer loans, personal credit cards, business credit cards and business loans is available.
To learn what relief assistance you qualify for, call 800-226-5228 if you’re a BB&T client and 877-820-2103 if you’re a SunTrust client.
If you’re looking to take out a loan, U.S. Bank has some cheaper options:
- With a simple loan, you can pay $6 for every $100 borrowed, down from the up to $15 they charged before.
- With a personal loan, you can borrow from $1,000 to $4,999 with a reduced APR of 2.99%.
- You can borrow $5,000 to $250,000 for an interest rate 2% lower than what it could usually cost with a quick loan.
- An on-demand line of credit of $10,000 to $250,000 now has an interest rate 1% lower than what it would usually cost with a cash flow manager.
Earlier this month, TD Bank launched a financial relief program in the wake of the COVID-19 pandemic called TD Cares.
The bank is offering at-need customers the ability to defer payments on credit cards, personal loans, home equity loans or lines of credit, TD Fit loans and mortgage customers.
Here are some of the offers available through the financial relief program…
- Payment deferral for 90 days
- Refundable late fees
- Refunds of monthly late fees
- Refunds of overdraft and non-TD ATM fees
- Early access to business Certificates of Deposit without early withdrawal penalty
Auto loan customers can get payment extensions up to 90 days by calling 1-800-556-8172.
Personal loan, home equity, and mortgage customers should call 1-866-561-8861. It’s important to note, TD’s website says mortgage payments can be deferred for the equivalent of up to 60 days – and will be added to the outstanding mortgage balance.
Credit card customers who qualify, TD will credit half of the interest charged for three months. Another option may allow credit card customers to defer minimum payments for three months while interest accrues on the outstanding balance.
The bank has “suspended residential property foreclosures, evictions, and involuntary auto repossessions,” according to a March press release.
The bank is offering to waive fees, defer payments, and offer assistance to credit card, auto loan, mortgage small business, and small business customers on a “case-by-case” basis.
Information hasn’t been made publicly available online.
Wells Fargo suggests its customers should call 800-219-9739 to find how and if they’ll qualify for financial relief.
Forbes reports that Capital One is offering all customers financial assistance during the COVID-19 pandemic.
The bank is offering minimum payment and deferred loan assistance, and fee suppression, according to Forbes. The Capital One COVID-19 help page does not specifically outline details of its relief program. But it does encourage customers to use Capital One’s mobile app and other digital tools – and to contact customer support or call 1-877-383-4801.
Published by Debt.com, LLC