Financial Institutions to Aid Consumers

Updated: Apr 1

NAVIGATING YOUR FINANCES THROUGH COVID-19 The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the State Banking Regulators (hereafter, the agencies) issued an interagency statement encouraging financial institutions to work with borrowers who are or may be unable to meet payment obligations due to COVID-19. Below is a list of financial institutions and the financial relief being offered. If your financial institution isn't listed, check directly with them for any assistance they may be able to offer that isn't published.

ALLY BANK. Customers are strongly encouraged to use self-service online and via the mobile app, to avoid long call wait times.

  • No fees: related to expedited checks and debit cards, overdrafts and excessive transactions on savings and money market accounts until July 16, 2020.

For broker-assisted trades, paper statements, or overnight outbound check processing for the next 120 days

  • Auto loans: 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: can be deferred for up to 120 days for current customers. No late fees will be charged, but interest will accrue.

BANK OF AMERICA. Contact them to find a solution for your specific situation. These options will be offered on a case-by-case basis

  • Credit Cards - You can submit an online request for a payment deferral.

  • Consumer and small business deposit accounts - You can request refunds of overdraft, insufficient funds and monthly maintenance fees.

  • Small business loans - You can request to defer payments and refunds of late fees.

  • Auto loans, personal loans, mortgages and home equity loans - You can request a payment deferral.

CAPITAL ONE. Contact them directly to find a solution for your specific need. Customers are encouraged to use digital methods via online banking and their app. Types of assistance being offered:

  • Minimum payment assistance

  • Deferred loan assistance

  • Fee suppression

CHASE. They are encouraging customers to utilize the tools available on the mobile app and their website. Individuals affected by COVID-19 who need help with their accounts are encouraged to call the number on the back of their credit/debit card, or statement. Relief is determined on a case-by-case basis and can include the following for individuals and small businesses:

  • Fee waivers or refunds

  • Changing due dates

  • Extending credit lines

  • Military members activated to respond to disaster may be eligible for additional benefits and should call the military services hotline at 877-469-0110

CITIBANK. Customers can contact the bank for financial assistance. Effective Monday, March 9, 2020 for an initial thirty days.

Retail Bank Customers: Fee waivers on monthly service fees; waived penalties for early CD withdrawal

Retail Bank Small Business Customers: Fee waivers on monthly service fees and remote deposit capture; waived penalties for early CD withdrawal; Bankers available after hours and on weekends for support

Credit card customers: Some may be eligible for credit line increases and collection forbearance programs.

Mortgage customers: Some 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).

DISCOVER. Qualified customers who experience hardship as a result of the outbreak can contact the following numbers:

  • Card Customers: Call 1-800-497-2816 (TTY/TDD 1-800-347-7449) any time or message us through your Account Center online or in the mobile app.

  • Online Banking Customers: Call 1-800-347-7000 (TTY/TDD 1-800-347-7454) any time.

  • Personal Loan Customers: Call 1-877-256-2632 (TTY/TDD 1-866-710-3357) between 8am - 8pm ET, Monday through Friday.

  • Home Loan Customers: Call 1-855-295-2193 (TTY/TDD 1-866-352-3684) between 8am - 8pm ET, Monday through Friday.

  • Student Loan Customers: Call 1-800-STUDENT (TTY/TDD 1-800-223-5614) any time.

FIFTH THIRD BANK. Special policies are in place to help address coronavirus-related hardship. Call their dedicated hardship assistance line at 866-601-6391, 8 a.m. to 5 p.m. ET Monday through Friday.

  • Small Business Payment Waiver Program: Waiver payment for up to 90 days, no late fees and a range of loan modification options, no note processing fees for new Fifth Third Fast Capital loans for six months.

  • Fee Waiver Program: Waivers for up to 90 days for a range of consumer and small business deposit products and services.

  • Vehicle Payment Waiver Program: Payment waived for up to 90 days and no late fees during the waiver period.

  • Consumer Credit Card Payment Waiver: Waive the monthly payment requirement on Consumer Credit Cards (Trio, Truly Simple, Platinum, Secured, World Elite) for up to 90 days with no late fees.

  • Mortgage and Home Equity Program: 90-day payment forbearance with no late fees.

  • Vehicle loans: Suspension of initiating any new repossession actions on vehicles for the next 60 days.

  • Foreclosures: Suspension of all foreclosure activity on homes for the next 60 days.

MARCUS BY GOLDMAN SACHS. Contact their virtual customer service 9a-8p, M-F and 9a-6p Sat-Sun ET at 1-844-MARCUS-6 (1-877-627-2876).

  • Personal Loans: Postpone payments for one month with no interest, extending the loan term by one month.

  • Certificates of Deposit: Early withdrawal penalties are waived for customers who need access to funds.

PNC BANK. The bank will be helping customers “navigate potential financial hardships” because of the coronavirus, encouraging them to reach out to the bank directly by calling 1-888-762-2265 (Mon-Fri 7 a.m.–10 p.m. ET or Sat-Sun 8 a.m.–5 p.m. ET). Financial assistance will be addressed on a case-by-case basis.

U.S. BANK. U.S. Bank is encouraging customers to utilize its digital banking features, including its mobile app, online banking or by calling 888-287-7817.

Small business owners

  • Visa Business Platinum Card - 0% introductory APR on purchases and balance transfers for 20 billing cycles, and thereafter a variable rate, currently 9.99% to 17.99%.

  • Quick Loan (general business purpose): $5,000 to $250,000 with terms from 12 to 84 months at an interest rate 2% lower than the standard rate for which the business would qualify. 

  • Cash Flow Manager (secured & unsecured): An on-demand line of credit of $10,000 to $250,000 at an interest rate 1% lower than the standard rate for which the business would qualify.

Personal accounts

  • Visa Platinum Card - 0% intro APR2 on purchases and balance transfers for 20 billing cycles, and thereafter a variable rate, currently 13.99% to 23.99%.

  • Simple Loan - Pay $6 per $100 borrowed. Loans from $100 and $1,000, paid pack in three equal monthly payments.

  • Personal Loan - Loans from $1,000 to $4,999 for terms up to 48 months with a reduced APR of 2.99%.

WELLS FARGO BANK. Call 1-800-219-9739 to speak with a specialist about options. Financial assistance determined on a case-by-case basis.

  • Suspended residential property foreclosure sales, evictions and involuntary auto repossessions.

  • Fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who reach out for help.

We are creating posts as we receive questions and concerns from our clients. Please email us with your questions, concerns or ideas and we will respond!

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