Which Banks Are Offering Credit Card Relief for Coronavirus?
This week CNBC reported that millions of Americans are at risk of not being able to pay their bills this month due to the financial crisis that COVID-19 and related shutdowns have caused. And, while Trump’s stimulus checks are set to be delivered to certain individuals this week, many people are finding that it’s still not enough to cover their needs.
As part of the coronavirus relief stimulus package, lenders and financial institutions need to report accounts as “current” and ensure that those who have been affected by the pandemic won’t go into default on their credit cards or other accounts such as their mortgage loans. However, you have to speak up and ask for that kind of assistance.
Aside from that, individual banks and financial institutions are stepping up to ensure that their customers are receiving high-quality help and access to information and the assistance they need in order to avoid financial hardships. Here’s what the top banks are doing to help you get through this crisis.
Bank of America
If you bank with Bank of America and have a BOA credit card then you can request a deferral of your credit card payments online. As of right now, the financial institution is offering credit card relief to customers who are up to date on their accounts. If you have been previously making payments on time then BOA has agreed not to report any deferments to credit bureaus for the time being. They’ve also paused foreclosures, evictions, and repossessions.
Chase is doing more than offering financial assistance and customer support during these trying times. The CEO sent out a letter stating that the bank will be donating $50 million to nonprofits to “help address immediate public health needs as well as long-term economic challenges.” And, while the bank hasn’t issued any other formal statements regarding specific aid or deferments for its customers, the same letter simply encouraged customers to reach out to Chase if they need financial assistance as a result of unemployment or financial hardships due to the coronavirus.
Citi is another bank that is going above and beyond during this financial crisis. To begin with, Citibank has agreed to waive monthly service fees for retail banking customers through May 8th, 2020. As well, they’ll waive any fees associated with making withdrawals from a CD. They’ll be waiving late fees for anybody who doesn’t make payments on their Citi credit cards for the next two billing cycles. Plus, mortgage customers may be eligible for a hardship program. Overall, the bank has done a fantastic job at opening lines of communication and has compiled a list of specific phone numbers to call should you need assistance.
If you need help managing your money now for the inevitable recession or simply feel like you can’t make payments on your credit card due to COVID-19, US Bank’s COVID-19 response team recommends that you call 1-888-287-7817 for assistance. Customers have noted that the attention to detail and customer care has been excellent following lockdown orders and branch closures. They’re also offering mortgage assistance, loans, and something called Economic Impact Payments.
Wells Fargo has created a landing page where customers can access up-to-date information regarding the bank’s COVID-19 response and assistance options. So far, the bank notes that they’re “suspending residential property foreclosure sales, evictions, and involuntary automobile repossessions.” It’s also offering “fee waivers, payment deferrals, and other expanded assistance for credit card, auto, mortgage, small business, and personal lending customers” but this is one a case-by-case basis.
Through July 18th, Ally Bank has agreed not to charge customers for excessive transaction fees or even overdraft fees. In terms of online banks, this is one of the most extensive measures that any online bank has taken, given the fact that they’ve also agreed to donate $3 million worth of support to communities in need. If you’re one of Ally’s auto loan or home loan customers, then you can receive payment deferrals for up to 120 days.
Finding Financial Assistance Amidst Coronavirus Crisis
It’s important to understand that you’re not alone if you’re experiencing financial hardships during the pandemic. Your first step is to take an honest look at your finances and current situation. If you’ve just been laid off or furloughed then it’s time to readjust your budget.
Then, make sure you understand the stimulus package and how much money you will receive. If you own a small business or have a mortgage loan, you might be eligible for further assistance that can help you weather this storm.
Finally, you’ll want to make sure you’re optimizing your own finances, and that includes the debit card you’re using to make payments and finance your lifestyle. We believe that our Cheese Debit Card is still one of the best options when it comes to optimizing your savings. With zero banking fees plus cashback, deposit bonus and up to 40% discounted gift cards, whenever you spend and save, it’s a no-brainer.
Interested in learning more? Sign up today.
Here're more you need to know bout credit cards: