#WRECares – List of Relief Banks/Lenders Offering to Customers Affected By COVID-19 from P.A. Law Offices of Aaron Resnick

The federal government, through Fannie Mae and Freddie Mac, is telling associated lenders to lower or suspend borrowers’ mortgage payments for up to 12 months if they have lost income or been impacted because of the coronavirus outbreak (This is not a forgiveness of debt or free money). The move covers about half of all home loans in the U.S. — those guaranteed by Fannie Mae and Freddie Mac only. But regulators expect that the entire mortgage industry will quickly adopt a similar policy (this has NOT happened yet).

Contact Name: Aaron Resnick, Esq

Email: aresnick@thefirmmiami.com

Phone Number: (305) 672-7495

Website: www.thefirmmiami.com

Here is a list of what some of the nation’s largest banks/lenders are currently offering customers. Note this is constantly changing, so it is important to check out your bank/lender’s policies online (I have provided links below for each bank/lender). Please also note the following:

Whether your loan is backed by Fannie Mae, Freddie Mac, or a private lender, the one thing you should not do is to just stop making payments. You must contact your lender or servicer to let the company know you are having trouble making payments.

Failure to contact your lender will result in all of the negative things typically associated with not paying your mortgage, including penalties, bad credit, and ultimately, perhaps, foreclosure and eviction. Do not fall for a scam (Mortgage Relief Assistance Scams) where people ask you for money to do this or claim you will be in foreclosure, etc. You can do this on your own, or always seek a professional such as your accountant or lawyer to help.

Ally Bank

On March 18, Ally shared measures it will implement to offer relief to those experiencing financial hardship due to the coronavirus pandemic. Here’s how the bank is offering assistance:

Ally is waiving all fees related to expedited checks and debit cards, overdrafts and excessive transactions on savings and money market accounts until July 16, 2020.

– Auto loan payments can be deferred for up to 120 days. No late fees will be charged, but finance charges will accrue.

– New auto customers will have the option to defer their first payment for 90 days.

– Mortgage payments for existing customers can be deferred for up to 120 days.

– No late fees will be charged, but interest will accrue.

Ally is strongly encouraging customers to utilize its online self-service access and the Ally mobile apps, to avoid longer call wait times. Customers can continue to transfer money and make payments online as usual. For depositing of checks of $50,000 or less, it’s faster to deposit them online via the mobile app than to submit by mail. For more information and updates, visit Ally’s coronavirus help page https://www.ally.com/coronavirus-response.

Bank of America

Bank of America has stated: “We continue monitoring the developments of coronavirus and are always prepared to support our clients facing financial hardship or loss of income due to illness. All employees who work directly with our clients are trained to identify and assist impacted clients and provide the right support to address their unique personal needs. As part of our regular practice, we offer assistance to qualifying consumer and small business clients facing hardships, including forbearance with certain fees.”

A video has been added to Bank of America’s coronavirus help page to explain the additional assistance the bank is providing to clients and small businesses.

On March 19, Bank of America announced additional support that will be provided, working on a case-by-case basis, including:

– For consumer and small business deposit accounts, clients can request refunds of overdraft, insufficient funds and monthly maintenance fees.

– Clients can request to defer payments and refunds of late fees on their small business loans. On auto loans, personal loans, mortgages and home equity loans, clients can request deferral of payment, with those payments added to the end of the loan.

– So long as clients are up to date, no negative credit bureau reporting will be made.

Clients facing financial hardships related to the coronavirus are encouraged to visit Bank of America’s coronavirus help page https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus and contact the client services team.

Capital One

In an email to customers on March 12, Capital One encouraged them to access their accounts with the bank’s digital banking tools, including online and app access. Customers facing financial difficulties due to the coronavirus are urged to contact the bank directly through one of its many customer support lines. At its website, Capital One encourages customers who may be impacted or need assistance to reach out so that the bank can help find a solution. Capital One has stated that all customers will be eligible for assistance, of which will vary on the type of product they have and their individual needs. Examples of assistance include:

– Minimum payment assistance

– Deferred loan assistance

– Fee suppression

For more information and updates, visit Capital One’s coronavirus help page https://www.capitalone.com/coronavirus/.

Chase

Individuals who are affected by COVID-19 and need help with their accounts are encouraged to call the number on the back of their credit or debit card, or on the back of their monthly statement. Chase detailed what this help could potentially look like, but explains that, as of right now, it’s being addressed on a case-by-case basis.

“We are helping customers who contact us, as we always do and notably did during hurricanes and wildfires in years past. Things we’ve done for customers (and small businesses) in past crises include things like fee waivers or refunds, changing due dates, extending credit lines. Sometimes, if there’s been a government-designated area (like for a Hurricane), we will proactively waive certain fees. We’re not there yet with this, of course. We’re working with our customers on a case-by-case basis right now.”

For more information and updates, visit Chase’s coronavirus help page https://www.chase.com/digital/resources/coronavirus.

Citibank

Effective March 9 for an initial 30 days, Citibank customers can contact the bank for assistance with:

– Waivers on monthly service fees, for both regular and small business customers

–  Waived penalties for early CD withdrawal, for both regular and small business customers

– Fee waivers on remote deposit capture for small business customers

– Bankers available after hours and on weekends to support small business customers

– Some credit card customers may be eligible for credit line increases and collection forbearance programs.

– Some mortgage customers may be eligible for a hardship program through Cenlar FSB, the bank’s service provider.

– For assistance, call Cenlar FSB at 855-839-6253 (Mon–Fri, 8:30 a.m.–8 p.m. ET or Sat, 8:30 a.m.–5 p.m. ET).

For more information and updates, visit Citibank’s coronavirus help page https://online.citi.com/US/JRS/pands/detail.do?ID=covid19.

Discover

Discover’s coronavirus help page says there is “support in place” for qualified Discover customers who experience hardship as a result of the outbreak. Online banking customers can reach out to Discover’s 100% U.S.-based Customer Service team for help by calling 1-800-347-7000 (TTY/TDD 1-800-347-7454) at any time. For more information and updates, visit Discover’s coronavirus help page https://www.discover.com/coronavirus/.

Marcus by Goldman Sachs

Customers with personal loans through Marcus by Goldman Sachs can postpone payments on their loans for one month with no interest, and their loan terms will be extended by one month. For customers who need access to funds currently held in certificates of deposit prior to maturity, Marcus is waiving early withdrawal penalties.

For more information and updates, visit Marcus by Goldman Sachs’ coronavirus help page https://www.marcus.com/us/en/media/blogs/info-on-covid19.

PNC Bank

PNC’s website says it will be helping customers “navigate potential financial hardships” because of the coronavirus. The bank encourages customers encountering hardship to reach out to the bank directly; assistance will be addressed on a case-by-case basis. Customers affected by the virus who are encountering hardship can call 1-888-762-2265 (Mon-Fri 7 a.m.–10 p.m. ET or Sat-Sun 8 a.m.–5 p.m. ET) to discuss options. PNC adds that the bank will continue to monitor the coronavirus situation “to determine potential extension or expansion of available assistance,” and customers will be notified of any developments as they arise.

Effective March 20, PNC has made temporary adjustments that include operating primarily via drive-up only (except branches that do have have drive-up), and PNC estimates that three quarters of its branch network will remain open. Open branches are operating on reduced hours, offering designated days for “essential appointments,” such as safe deposit box access, loan closings or other in-person services.

For more information and updates, visit PNC’s coronavirus help page https://www.pnc.com/en/customer-service/coronavirus-update.html.

Truist

Truist (formerly BB&T and SunTrust banks) says it’s committed to working with clients “to reduce financial stress during this challenging and uncertain time Customers experiencing financial hardship due to the coronavirus will be provided payment relief on consumer loans, personal credit cards, business credit cards and business loans. The bank is also temporarily waiving ATM surcharge fees to help consumers and businesses access cash. Customers who use their BB&T and SunTrust credit cards for qualifying purchases at grocery stores and pharmacies will receive 5% cash back through April 15. Customers in need of assistance can reach out to the following numbers:

– Heritage SunTrust clients: 800-SUNTRUST (800-786-8787)

– Heritage BB&T clients: 800-226-5228

For more information and updates, visit Truist’s coronavirus help page https://www.truist.com/coronavirus-information.

U.S. Bank

On its coronavirus help page, U.S. Bank says it is “actively looking for ways to assist our customers that have been financially impacted by COVID-19” and suggests several products that may be of help. Customers who need additional support are invited to call 888-287-7817.

For more information and updates, visit U.S. Bank’s coronavirus help page https://www.usbank.com/splash/covid-19.html.

Wells Fargo

Wells Fargo customers experiencing hardship from the coronavirus disease can call 1-800-219-9739 to speak with a trained specialist about their options. This includes customers of consumer lending, small business and deposit products. Details on what type of assistance might be available have not been released but are likely determined on a case-by-case basis. Wells Fargo also has suspended residential property foreclosure sales, evictions and involuntary auto repossessions.

Wells Fargo also has suspended residential property foreclosure sales, evictions and involuntary auto repossessions.

For more information and updates, visit Wells Fargo’s coronavirus help page https://newsroom.wf.com/press-release/corporate-and-financial/wells-fargo-announces-aid-customers-and-communities-impacted.

Contact

Feel free to contact us at aresnick@thefirmmiami.com or by calling 305.672.7495, if you need assistance with any matters related to creditors, landlords, banks, clients, vendors, employees or any other issue including getting a basic estate plan in place (will, trust, power of attorney, health care directive), addressing insurance related matters, dealing with landlord/tenant matters, and any litigation, real estate and employment matters. We want to also thank and express support for all those in the medical and scientific fields who are on the front lines of combating the spread of COVID-19. We encourage you to observe social distancing measures and do everything you can to stay healthy. As we all do our part to slow the virus’s transmission, we create valuable time and opportunity for our healthcare system and literally save lives.