Disclosure: Basic Travel Couple, LLC has partnered with CardRatings for our coverage of credit card products. Basic Travel Couple, LLC and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Recently a friend reached out and asked me how banks are supporting customers who have been impacted by the Coronavirus. I took a few hours and reached out to the top ones that I have accounts with to find out. Many banks are offering customers the option to waive an upcoming minimum payment on credit cards. Some are offering interest and late fee reimbursements.
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It’s important to note that these special considerations provided by the banks below are constantly changing. For the most current financial hardship support being offered, check directly with the bank. I’ve provided all of the links to each bank’s special Covid-19 assistance page below.
My Thoughts about Waived Minimum Payments
Be careful of waived minimum payment options as they could end up showing on your credit report as a missed payment. This includes personal loans, mortgages, auto loans, credit cards, and student loans. Another option to consider if you cannot make a minimum payment and/or are accruing high interest is a Balance Transfer Credit Card.
Chase indicated that they are taking everything on a case-to-case basis. For credit card holders, anyone who is having trouble making the minimum payment can have it waived. However, interest will still accrue. You’ll find Chase Bank’s response to Covid-19 by clicking HERE.
Amex will note your Credit Card Account if you are experiencing a hardship due to the impact of Covid-19. Once the account is flagged, it will be protected from becoming past due or further past due for the next billing period. During this time, American Express is also refunding any interest charged and waiving/refunding any late fees accrued. The easiest way to contact American Express about a hardship is through their online chat feature. You’ll find their response to Covid-19 by clicking HERE.
Within Citibank’s response to it’s customers who have been impacted by Covid-19 there are a few options for assistance.
- 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. Please contact them at 1-800-2CENLAR (1-800-223-6527) Monday-Friday 8:30am – 8pm ET and Saturday 8:30am – 5pm ET
For my Citibank credit card accounts, I was not offered an annual fee or monthly minimum fee waiver upon contacting customer service. You can find Citibank’s full response to Covid-19 HERE.
Bank of America
There is a pretty comprehensive list of things that Bank of America is doing for it’s customers who have been impacted by Covid-19. On a case-by-case basis, customers can be eligible for:
- 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 fees.
- 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.
You’ll find Bank of America’s full response to Covid-19 by clicking HERE.
Within Capital One’s response to Covid-19, they are encouraging customers who have been impacted by financial hardship to reach out HERE.
You can find Capital One’s full response to Covid-19 by clicking HERE.
Within Wells Fargo’s response to Covid-19, they are encouraging customers who have been impacted by financial hardship to reach out HERE.
You can find Wells Fargo’s full response to Covid-19 by clicking HERE.
We recognize some of you may face financial challenges as a result of illness or business interruption. If you’re affected by COVID-19, we’re here to help. Chat with us online, contact your Relationship Manger, or call us at 866.949.2351. For help with your Mortgage or Home Equity, please call 855.806.4657 to talk about assistance programs that may be available to you.
You can find HSBC’s full response to Covid-19 by clicking HERE.
M&T has empowered our staff to support the specific needs-if you are experiencing financial hardship, please contact us. Solutions available to personal and business banking customers impacted by coronavirus include:
- A special unsecured personal loan up to $5,000 at a reduced APR of 2.99% to cover living expenses or other necessities. Offer good in NY, MD, NJ, PA, DE, CT, VA, WV, and DC
- Fee relief on deposit and lending solutions
- Payment relief by making changes to your current loan payment amount or loan length (e.g., defer payment and add it to the end of the loan)
Plus, starting Monday, March 23, 2020:
- ATM Transaction fees charged by M&T will be waived for all customers through the end of April (Other fees may apply [ATM])
- All early withdrawal fees on CDs open greater than 7 days will be waived through the end of April
For our Business Banking customers, we will also waive the monthly maintenance fee for Remote Check Deposit service through the end of April.
You can find M&T Bank’s full response to Covid-19 by clicking HERE.
As is the case with any hardship, we’re prepared to support our customers who are affected by the coronavirus. We’re working with our customers on an individual basis to identify a solution that best fits their needs. If you are impacted, please contact us for details — see phone numbers below. If you are a Wealth Management client, please reach out to your Citizens Bank Wealth Management advisor.
Relevant Payment Assistance Phone Numbers:
|HOME EQUITY||(800) 234-6002|
|PERSONAL LOANS||(888) 203-5953|
|STUDENT LOANS||(866) 259-3767|
|CREDIT CARD||(800) 684-2222|
Many of our business banking customers are already considering plans they can put in place to protect their company, employees, and customers during this challenging time. We have provided resources that inform best practices that we believe will be a helpful resource for our business banking customers.
In the evolving situation with the coronavirus (COVID-19), continuing to serve our customers well is a top priority.
- Any Citizens’ customers with an existing SBA loan may request deferment or payment assistance.
- The SBA is aiding small businesses impacted by the coronavirus. They will be issuing financing under their Disaster Assistance Programs, focusing on companies that have suffered economic injury from the events.
You can find Citizens Bank’s full response to Covid-19 by clicking HERE.
We recognize that some of you may face financial challenges as a result of illness or business interruption.
If you’re affected by COVID-19, contact us. You may be eligible for an extension, waived late fees or waived penalties for early CD withdrawal. Our Borrower Assistance program is also available for clients with certain loans with KeyBank.
If you’re a business owner affected by COVID-19, our Wellness Advisors are ready to help you. We have expertise on government programs and a variety of solutions to lower your borrowing costs. To find out more, contact us at 1-888-KEY4BIZ (539-4249).
You can find Key Bank’s Full Response to Covid-19 by Clicking HERE.
To our customers impacted by the COVID-19 “coronavirus,” we’re here to help if you need assistance with your account.
As the coronavirus situation evolves, we want to let you know that speaking with a Relationship Manager in our call center may take longer than usual. The fastest and easiest way to manage your account is through our website, mobile app or automated phone system at 1-877-523-0478.
I spoke to a Barclays Representative who told me that they are offering support on a case-by-case basis. This support could be in the form of a waived minimum payment and interest/late fee reimbursement.
You can find Barclays Full Response to Covid-19 by Clicking HERE.
As you can see there are many banks who are offering varying degrees of support to their customers. Given that many banks are offering assistance on a case-by-case basis, please let us know if you have any datapoint to share from your own personal experience. Let us know how the banks helped you through a fiancial hardship during Covid-19 down in the comments below or in our 3,500+ Member Basic Travel Facebook Group.
More Basic Reading
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- Master List of Airline, Hotel, and Travel Portal Change/Cancel Policies due to Covid-19
- Basic Guide to Balance Transfer Credit Cards
- How to Make the Most of Social Distancing
- Basic Guide to 0% APR No Interest Credit Card Offers
Disclosure: Basic Travel Couple, LLC has partnered with CardRatings for our coverage of credit card products. Basic Travel Couple, LLC and CardRatings may receive a commission from card issuers.Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.