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banks helping with coronavirus

Banks are loosening up their policies to help cash-strapped customers weather the economic side effects of the coronavirus crisis. In particular, many banks are lowering or temporarily eliminating their fees and account minimums. As you explore what financial institutions are doing to help Americans during the COVID-19 pandemic, it may also be advantageous to explore the possibility of getting hands-on guidance from a financial advisor to take care of your investments through volatile markets.

As Americans benefit from the Coronavirus Aid, Relief and Economic Security (CARES) Act and use a coronavirus stimulus check calculator to see how much relief money they can expect from the government, they should explore what their bank is doing to help customers. Here’s a round up of everything banks are doing for clients amid the coronavirus recession:

Ally Bank

Ally Bank announced that it was waiving excessive transaction fees for its savings and money market accounts. It’s also eliminating fees for expedited shipping of checks and debit cards. And if you’re facing a disruption to your income, Ally Bank can defer your mortgage payments for up to 120 days. Interest would accrue on your mortgage during this time frame. But the bank won’t charge any late fees, and it won’t impact your credit score.

And by logging on to Ally.com/auto, you can defer your auto financing payments for up to 120 days. Finance charges will accrue during this time. But you won’t face any late fees. Moreover, the bank is also deferring payments for new auto financing. Your first payment won’t be done for the first 90 days.

Bank of America

In response to the coronavirus pandemic, Bank of America is revamping its Client Assistance Program. Customers having trouble making mortgage and credit card payments can request payment deferrals online. Depending on your situation, you may also be eligible to get overdraft fees and other charges waived.

If you’re facing financial hardship, contact the bank or visit its client assistance page to request payment deferrals. Bank of America is providing relief based on the individual’s needs and current situation. So you’d need to contact the bank to know what kind of relief you’re eligible for.

Bank of America will keep its financial centers open at set times throughout the week and during normal hours on Saturdays. You can visit the Financial Center and ATM locator section of the bank’s website to see if the nearest facility is open.

Bank of America Customer Service Number: 1 (800) 432-1000

BBVA

If you opened a certificate of deposit (CD) with BBVA, you can withdraw your money without penalty. And like Bank of America, BBVA is providing relief based on an individual’s situation. You can call 1-844-222-3862 for more information. You may be able to defer payments on credit cards and mortgages. The bank may also waive or refund ATM fees charged by out-of-network companies.

The bank is advising customers to visit the BBVA website to check the status of the nearest branch.

BMO Harris

BMO Harris has several measure to help clients including individuals and small businesses. These include payment deferrals on credit cards, mortgages, home equity loans, auto loans, personal loans and small business loans for up to three months; fee waivers for checking and savings accounts for up to two months; and removing penalties for early withdrawals from CDs.

Capital One

Capital One has established a page dedicated to informing customers how they can seek assistance in the midst of the coronavirus pandemic. The bank is also encouraging people to bank online and through the Capital One app. Through either, you can do the following:

  • View transactions
  • Make deposits
  • Pay bills
  • Lock your card
  • Find ATM locations

The bank is also working with customers to dispute travel charges. Capital One has temporarily closed its cafes and several branches. You can check the status of the branch earth to you by visiting the bank’s website. Employees at branches that are open are currently assisting customers from behind protective glass or through drive-throughs.

Capital One Customer Service: 1 (877) 383-4802

Chase Bank

If you’re having trouble making mortgage payments to Chase, you can discuss your options with a bank representative by calling 1-800-848-9380. The bank also may provide relief to its auto and business loan customers. The bank has closed about 1,000 of its branches. But it’s encouraging people to conduct all banking online or through the mobile app. You can also visit the Chase website to check which branches are currently open for business.

Chase Customer Service Number: 1 (800) 935-9935

Citi

For an initial 30 days that began on March 9, 2020, Citi bank is waiving monthly service fees and early withdrawal penalties on certificates of deposit (CDs). For retail bank and small business customers, the bank is eliminating fees for remote deposit capture. The bank is also reminding customers of its assistance programs already available.

Citi may provide line of credit increases and forbearance programs. To see if you qualify, call 1 (855) 839-6253 Monday through Friday from 8:30 a.m. to 8:00 p.m. You can visit citibank.com/locations to see which branches are open. Customers still have access to fee-free ATMs nationwide, including ones at Target, Costco, Walgreens, CVS, and Duane Reade.

Citi Customer Service: 1 (800) 374-9700

Citizens Bank

If you’re struggling financially, you can contact Citizens Bank at 800-922-9999 to discuss fee waivers and penalty-free access to money in your CDs. The bank is keeping some branches open Monday through Friday from 10 a.m. to 3 p.m. and Saturdays from 9 a.m. to 12 p.m. However, only two customers are allowed at branch lobbies at a time. The bank is also requiring customers to schedule appointments before visiting the branch.

Citizens is also dedicating $5 million to help small businesses and communities impacted by the crisis.

Discover

banks urging customers to use apps during the coronavirus quarantine.

Discover set up a Frequently Asked Questions section of its website for customers affected by the coronavirus. And if you’re having financial issues due to COVID-19, you can call the following numbers to discuss potential relief programs:

Card Customers: Call 1 (800) 497-2816, TTY/TDD 1 (800) 347-7449 any time or message the bank onine or through the 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 8 a.m. – 8 p.m. ET, Monday through Friday.

Home Loan Customers: Call 1 (855) 295-2193, TTY/TDD 1 (866) 352-3684 between 8 a.m. – 8 p.m. ET, Monday through Friday.

Student Loan Customers: Call 1-800-STUDENT, TTY/TDD 1-800-223-5614 any time.

Fifth Third Bank

Fifth Third Bank is providing some relief to financially strapped customers with auto loans, credit card balances and loans secured by real estate. But you have to contact the bank directly to see if you qualify for this relief.

The bank is also encouraging customers to perform all banking needs online or through their mobile banking app. You can check out its branch and ATM locator to see the status of your local branch.

Goldman Sachs (Marcus by Goldman Sachs)

Marcus by Goldman Sachs is an online bank that offers access to savings accounts and CDs. It’s owned by Goldman Sachs, which recently announced that customers will be allowed to delay making payments. It’s also suspending March payments for Apple Credit Card holders.

And if you need cash from your CD, you can call 1 (855) 730-7283 to request an early fee-free withdrawal.

Marcus by Goldman Sachs Customer Service: 1 (855) 730-7283

Key Bank

On March 25, 2020, Key Bank announced that customers financially affected by the coronavirus can contact the bank to defer payments for up to 90 days. Interest would accrue, but the bank won’t report any negative activity to the credit reporting bureaus. You should also contact the bank if you need access to your CD money or need a small-business loan extended. Most branches are close. But you can check online to schedule an appointment at one that’s still open.

Key Bank Customer Service: 1 (800) 539-2968

PNC Bank

PNC Bank customers facing financial hardship can call 1-888-762-2265 to discuss potential relief options. The bank temporarily shut down most of its branches. But it kept some drive-throughs open. To find the nearest operating branch, visit the bank’s website. PNC Bank also set up a FAQ page for customers affected by the coronavirus.

Silicon Valley Bank (SBV)

On March 31, 2020, Silicon Valley Bank (SBV), an entity that focuses on supporting startups, announced that it’s allowing some of its venture debt borrowers with loan balances of up to $10 million to defer loan principal payments for up to six months.

SBV also plans to participate in the Paycheck Protection Program, under the historic stimulus relief package that Congress passed in response to the coronavirus pandemic. The historic law details several relief programs for businesses impacted by the coronavirus.

TD Bank

TD Bank is urging customers financially affected by the coronavirus to call 1 (888) 751-9000. The bank is closing most of its facilities, but you can visit its website to see which ones are open. You can still perform banking functions online or through the banking app.

TD Bank Customer Service: 1 (888) 751-9000

Truist

Truist is allowing customers to request a delay to payments for up to 90 days on credit cards, personal loans, home equity lines of credit, residential mortgages and auto loans.

U.S. Bank

U.S. Bank is offering help with mortgages, including allowing some customers to suspend payments for up to 180 days with no late fees. It has also raised the mobile check deposit limit to allow customers to deposit checks without having to visit a branch or ATM. The bank has also reduced fees for U.S. Bank Simple loans to $6 per $100 borrowed and reduced the APR on new personal loans to 2.99%. The bank has waived fees for businesses receiving digital payments via Zelle.

Wells Fargo

Wells Fargo is asking customers facing financial issues brought on by the coronavirus to call 1 (800) 869-3557 to discuss potential relief options. Most of its branches are closed, but you can check the ATM and branch locator on the Wells Fargo website to see if any near you are open.

Wells Fargo Customer Service: 1 (800) 869-3557

Even though many banks are closing under the coronavirus quarantine, you can still bank online and on apps.

Banking Tips During Coronavirus Quarantine

  • Stay home as much as possible. Download a banking app. Most allow you to transfer money, pay bills and even block your card. Check out our list of the top banking apps and the best banks for some insight.
  • Beware of scammers. Never surrender any personal information such as your account numbers and password. Scammers are making calls pretending to be bank representatives.
  • You may be getting a coronavirus stimulus check soon. If you don’t need it for necessities, put it in a savings account. Check out our list of the best savings accounts. You can open these online.
  • Work with a financial advisor to get all your finances in check. Our advisor matching tool recommends up to three fiduciary advisors in your area.

Photo credit: ©iStock.com/olaser, ©iStock.com/FG Trade, ©iStock.com/GaudiLab

Javier Simon, CEPF® Javier Simon is a banking, investing and retirement expert for SmartAsset. The personal finance writer's work has been featured in Investopedia, PLANADVISER and iGrad. Javier is a member of the Society for Advancing Business Editing and Writing. He has a degree in journalism from SUNY Plattsburgh. Javier is passionate about helping others beyond their personal finances. He has volunteered and raised funds for charities including Fight Cancer Together, Children's Miracle Network Hospitals and the National Center for Missing and Exploited Children.
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