Is your bank or credit card company offering a COVID relief program? See below or check their website directly for additional information. (See here for the 7 things I am doing to prepare for a market pullback during this time).
The FDIC encourages financial institutions in an FDIC Statement to “work with affected customers and communities. The FDIC recognizes that such efforts serve the long-term interests of communities and the financial system when conducted with appropriate management oversight and are consistent with safe and sound banking practices and applicable laws, including consumer protection laws.”
Most financial institutions guide consumers to their mobile app like Chase, Capital One and American Express. But some like Ally, Wells Fargo, Bank of America and US Bank have options laid out on their respective COVID-19 relief webpage.
However, ALL are warning clients to be careful of Scammers!
Common themes are no fees for overdrafts and deferral for payments with either no late fees or no interest charges.
Here is a summary of each bank with the link for more information.
Ally COVID-19 Relief Page
- won’t be charging fees for overdrafts, expedited checks and debit cards, or excessive transactions on savings and money market accounts until July 16, 2020
- Auto loan payments You can defer your payment for up to 120 days – finance charges will still accrue, but you won’t be charged any late fees you can defer your payment for up to 120 days with no impact to your credit (starting from the day you contact them; interest will still accrue, but we won’t charge late fees on payments due
during this time)
American Express COVID-19 Relief Page–
Call them, it varies based on your needs but I’ve seen they will waive late fees.
Bank of America – COVID-19 Relief page
- Consumer and Small Business deposit accounts: clients can request refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.
- Consumer and Small Business credit cards: clients can request to defer payments, refunds on late fees.
- Small business loans: clients can request to defer payments, refunds on late
- Auto loans: clients can request to defer payments, with payments added to the end of the loan.
- Mortgages and home equity: clients can request to defer payments, with payments added to the end of the loan.
- In all of these instances, there will be no negative credit bureau reporting for up-to-date clients.
- We have also paused foreclosure sales, evictions and repossessions.
Capital One– COVID-19 Relief page and FAQ
Log in to your profile and/or call them for unique situations.
Chase COVID-19 Relief Page –
Utilize tools on mobile sites or contact directly.
Citi COVID-19 Relief Page
- For Retail Bank Customers
- For Retail Bank Customers: Fee waivers on monthly service fees; waived penalties for early CD withdrawal
- For 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
- In addition, we have a range of existing assistance programs, including:
- For eligible Credit Card Customers: Credit line increases and collection forbearance programs
- For eligible Mortgage Customers: A range of hardship programs through our service provider, Cenlar FSB.
Discover COVID-19 Relief Page
Go on page and call for your individual situation.
US BankCOVID-19 Relief Page
- offering a 0% credit card for 20 billing cycles, two loans for personal accounts and 2 for business accounts that may provide short-term solutions.
Wells Fargo COVID-19 Relief Page –
- suspending residential property foreclosure sales, evictions and involuntary automobile repossessions.
- offering fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact the company.
