Several financial institutions will be offering financial relief to consumers and small business clients who are experiencing hardship from the coronavirus pandemic. My research shows that relief will be case by case basis depending on your situation but generally covers waiving fees, extending more credit, and/or deferring payments.
Below is a list of institutions who have publicly announced their programs.
AUTO
You can defer your payment for up to 120 days – we won’t charge any late fees, but finance charges will still accrue for non-lease accounts
Save yourself time, and log in to your account to defer your payment online
If you choose to defer, make sure to cancel Auto Pay, scheduled one-time payments or any online bill payment services through your bank
You can also call us if you need payment assistance 1-888-925-2559
Mon-Fri, 8 am – 10 pm ET
Saturday, 9 am – 7 pm ET
BANKING
Starting now until 7/16/20, we’re waiving fees for overdrafts, plus expediting checks and debit cards at no charge
If you make more than 6 withdrawals per statement cycle from your savings or money market account between now and 7/16/20, we won’t charge an excessive transaction fee
Call 1-877-247-2559 to talk to a live person 24/7
HOME LOANS
You can defer your payment for up to 120 days with no impact to your credit (starting from the day you contact us; interest will still accrue, but we won’t charge late fees on payments due during this time)
Call for payment assistance 1-866-401-4742
Mon-Fri, 8:30 am – 8 pm ET
Saturday, 8:30 am – 5 pm ET
They may be able to help you with:
Lower your monthly payment
Provide relief from late payment fees
Temporarily lower your interest rate
Prevent your account(s) from going past due or further past due if you abide by the terms and conditions of the program
How to contact them?
Contact: 1-866-703-4169
Monday through Friday from 8:00am to 12:00am EST
Saturday from 8:00am to 11:00pm EST
Sunday from 9:00am to 11:00pm EST
OR
Chat with them once you have logged in
Apple’s Customer Assistance Program
Upon enrollment, you can skip your March credit card payment without incurring interest charges
How to enroll? Online, via Apple Card Specialist on Wallet app or call Apple Support 877-255-5923
Program include:
waiving account fees, overdraft fees
deferring payment on credit cards, mortgage and auto loans
Submit for Credit Card Deferral: Click Here
For other financial loans, contact customer service on the back of your card or billing statement.
Directory of Customer Assistance Program, click here
They will discuss your options with you based on your situation.
Your accounts or payments, go to the Chase Mobile app or chase.com. If you need to call us, please use the number on the back of your credit or debit card, or on your monthly statement. Please be aware that you will experience longer than usual wait times.
Your mortgage payment, here are some options for you.
Your business, we’ll provide updates and resources to help you manage through potential disruptions.
Chase Ultimate Rewards - if you have booked travel through this site you are encouraged to contact the travel provider first (airline/hotel) to can cancel your reservations. However, if you were unable to cancel or modify your reservations, you may submitting a billing dispute online.
Note cancellations will vary based on your travel date and the airline/hotel you booked.
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
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 1-855-839-6253 Monday-Friday 8:30am - 8pm ET and Saturday 8:30am - 5pm ET
Monday to Friday 8:30am to 8pm ET and Saturday 8:30am to 5pm ET
We have support in place for qualified Discover® customers who experience hardship as a result of the outbreak. Please contact our customer service teams as follows:
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.
U.S. Bank has temporarily reduced pricing on:
PERSONAL BANKING:
Simple Loan:3 Pay $6 per $100 borrowed, down from $12 (auto pay) / $15 (manual pay) per $100 borrowed. Customers can borrow between $100 and $1,000 with no hidden fees and repay the loan in three equal monthly payments. This product is available in online banking and our mobile app.
Personal Loan:4 You may borrow from $1,000 to $4,999 for terms up to 48 months with a reduced APR of 2.99%. This product is available in online banking, our call centers and our branches.
SMALL BUSINESS:
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.
MORTGAGE ASSISTANCE
payment forbearance up to 90 days with no late fees
call 888-287-7817 and choose the #2
The company has announced several initiatives but here are some highlights:
suspension of residential property foreclosure sales, evictions and involuntary auto repossessions.
waiving fees, deferring payments, and additional assistance on a case by case basis.
donation to supporting employees experiencing hardship: WE Care Fund
Click here for the Customer Contact Info
Economic Injury Disaster Loan program is a low-interest SBA loan to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19).
It's designed to provide working capital loans of up to $2 million to help overcome the temporary loss of revenue small businesses are experiencing.
Source: U.S. SBA