For many, COVID-19 has affected not just our daily routine, but our entire lives. All too many have lost jobs or found themselves in a precarious financial situation. Fortunately, some companies, including banks and airlines, are adding temporary measures to help customers who have been impacted. We’ve already published a list of internet and phone service providers waiving fees right now, but those aren’t the only companies with temporary policies. Here’s how banks are helping out, too.
Through July 18, Ally Bank isn’t charging excessive transaction fees for savings and money market account holders. You also don’t have to worry about overdraft fees, and should you need expedited shipping for checks or debit cards, you won’t be charged. If you hold an auto or home loan through Ally, you can defer payments for up to 120 days. If you haven’t made your initial auto loan payment, you can defer for 90 days. Learn more.
Through May 8, Citi will waive monthly service fees for retail banking customers as well as penalties for early CD withdrawals. Citi will also waive safe deposit box fees and ATM fees if you use a non-Citi ATM. However, customers do have to request waivers for these fees. Make sure to request a waiver so you aren’t penalized! If you hold a mortgage through Citi, you may also qualify for a mortgage hardship program. If you have a Citi credit card, you can defer minimum payments. Late fees will be waived for two billing cycles, per an announcement on April 7.
Like most other banks, Citizens doesn’t automatically offer waived fees to its customers. However, you can check out their website or call to discuss financial assistance options like fee waivers or penalty-free access to CDs. (The previous link contains phone numbers for specific departments and concerns.)
If you need assistance with payments, fees, and interest, call 1-800-347-7000.
Fifth Third Bank
Find out whether you qualify for hardship or loan payment assistance on Fifth Third’s website. Mortgage and home equity loan customers may qualify for payment forbearance. For up to 90 days, customers with deposit accounts will not be charged fees.
Many branches have closed, but if you need in-person services, you can make an appointment online. PNC is also offering consumer and mortgage hardship assistance. If you need to, you can apply for emergency hardship loans on their website. PNC may also waive or refund overdraft and monthly service fees, though you do have to call directly and ask for these fee waivers. Here’s where you can see PNC’s full response and apply for assistance.
Contact TD Bank if you need financial hardship assistance. Assistance may include things like payment deferrals, waived late payment fees, and refunds/fee waivers for small businesses. (Phone numbers listed by department on linked page.)
If you’re a customer of SunTrust or BB&T (now merged into Truist), you can submit a deferment request for mortgage payments, credit cards, or loans on Truist’s website. Truist is also waiving ATM surcharge fees and offering payment relief assistance as well as 5% cash back for certain pharmacy or grocery store purchases.
Contact Wells Fargo to see if you qualify for payment deferrals, waived fees, or other financial hardship aid.
Normally, banks are able to use any incoming payments to cover a negative account balance. However, some banks have promised customers will receive the full amount of their stimulus payment. If you bank with Wells Fargo, Bank of America, Citigroup, or JPMorgan Chase, you will receive your payment in full.