The coronavirus pandemic is proving to be more than just a health threat.
The precautions put in place will likely have far-reaching effects, including some major financial implications for the average citizen.
Late payment fees, overdraft fees or penalties for early withdrawals can escalate a situation from bad to worse. Conversely, waiving fees and penalties can ease a hard situation.
On Monday, March 9, the FDIC released information for bankers and consumers addressing the need for financial institutions to assist customers who are dealing with the coronavirus. A number of banks have already stepped up to the plate.
Many banks are encouraging people to use their online and mobile banking options as a way of promoting social distancing.
Make sure to protect yourself from scams, especially phishing scams. If you receive an email that appears to be from your bank, do not click the links or give out your personal information. Go directly to the bank’s website or call the bank if you have questions or concerns.
Below is a list of banks who have shared what kind of assistance is available for customers affected by the coronavirus. We will update this list as more information is released.
Capital One’s website features a banner that links directly to their coronavirus assistance page.
The bank asks customers to use online and mobile banking to help with limiting the spread of the virus. Any customer in need of assistance is asked to contact the bank.
Chase Bank has a dedicated Coronavirus COVID-19 Readiness web page, which encourages the use of online and mobile banking. Customers who need help are asked to call the number on the back of their credit or debit card or on their monthly statements.
Citibank is urging its customers to make use of their online and mobile banking options as a way to promote social distancing.
It’s also implemented a temporary plan to help aid those who are impacted by the coronavirus that is currently in place for 30 days as of March 9:
- Customers should contact the bank for help with obtaining waivers on monthly service fees and penalties for early CD withdrawals.
- Small business customers should also contact the bank for help with waivers for monthly service fees and remote deposit capture fees, and penalties for early CD withdrawals.
The bank also offers its standard assistance programs, including collection forbearance, credit line increases and hardship programs for mortgage customers.
Keep an eye on the Citibank coronavirus information page for updates.
Fifth Third Bank
Fifth Third Bank has a dedicated coronavirus impact page. The bank has not released any specific information, but encourages customers who need assistance to contact them by calling 866-601-6391 from 8 a.m. to 7 p.m. ET Monday through Thursday, and Friday from 8 a.m to p.m. ET.
PNC Bank has a coronavirus update center where customers can go to find the latest information.
While it doesn’t get into specifics about what measures they are willing to take to help customers out, they do urge customers in need of assistance to call 1-888-762-2265, from 7 a.m.to 10 p.m. ET Monday through Friday, and 8 a.m. through 5 p.m. ET Saturday and Sunday.
SunTrust has a dedicated coronavirus information page (as well as a help page for victims of the tornadoes in Tennessee).
The bank is encouraging customers who are experiencing financial hardship to contact the bank for assistance.
Like most banks, US Bank has a banner on their homepage to direct customers in need of help to their coronavirus page. Customers who need help with fees and penalties are asked to call 888-287-7817.
The bank is also making some temporary adjustments to their products, primarily loans. For more information, contact the bank.
Customers who are dealing with difficulties due to the coronavirus pandemic can contact Wells Fargo for assistance at 1-800-219-9739. You can find updated information on the Wells Fargo coronavirus response page.
Tyler Omoth is a contributor to Codetic.