Personal Finance

These banks are offering coronavirus financial aid

Key Points
  • Credit unions and banks across the country are making accommodations for Americans impacted by coronavirus.
  • Gesa Credit Union is offering its members personal loans at low or zero interest.
  • Some banks also are waiving fees and allowing customers to break certificates of deposit early.
How to stay financially sound during the coronavirus pandemic
How to stay financially sound during the coronavirus pandemic

In the face of the coronavirus pandemic, the financial stability of millions of Americans is in jeopardy.

In a statement, the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency encouraged banks to work with their customers affected by COVID-19.

A growing number of financial institutions, including Ally Financial, Bank of America, Citi and Fifth Third Bank, have taken steps to offer some assistance.

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Much of the aid is offered on a case-by-case basis. However, many lenders have waived fees or deferred payments across the board. Keep in mind that interest may still accrue for each of the deferral programs.

Here is a running list of some of the banks that offer financial aid to those affected by the pandemic. Check back for updates.

Most important, if you are experiencing financial hardship, reach out to your bank for help.

Ally Financial is allowing auto loan holders and existing mortgage customers to defer payments for up to 120 days with no late fees. In addition, fees for banking customers, including overdrafts and balance minimums, are also waived over the same time period. 

Bank of America credit card holders concerned about making payments on time can submit an online request for a payment deferral and, if you're up to date on your accounts, those late payments will not be reported to credit bureaus. Bank of America also paused foreclosures, evictions and repossessions.

Citi is offering monthly service fees waivers and waived penalties for early CD withdrawal. Card holders may also be able to increase their credit lines.

Fifth Third Bank is waiving payments on mortgages and car loans for 90 days, as well as fees for banking customers. Card holders can also defer payments for up to 90 days with no late fees.

Marcus by Goldman Sachs allows customers to postpone making a loan payment for one month — with no interest charged during the deferral  — and is and waiving penalties for early CD withdrawal.

TIAA Bank is waiving fees for wire transfers, ATM transactions, insufficient funds and late credit card payments through April as well as increasing limits on debit and cash withdrawals and allowing credit card customers to skip a monthly payment without penalty. 

Some of the more generous accommodations are coming from credit unions. Here are a few of those offerings:

CBC Federal Credit Union is offering impacted members skip-a-pay options, fee waivers, short-term emergency loans with a 5% interest rate and hardship assistance.

Gesa Credit Union is offering low or zero interest rate personal loans to members facing financial hardship because of the coronavirus.

ORNL Federal Credit Union created a Pandemic State of Emergency Assistance Loan Program, allowing impacted members to apply for an unsecured loan at 0% interest for the first six months and 3% fixed interest for the remainder of the term.

Navy Federal is waiving fees for Western Union and early CD withdrawals.

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