Banks Update COVID-19 Policies

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Maginnis Howard continues to monitor corporations offering COVID relief. For that reason, we updated this article on May 27th, 2023.

Due to COVID-19 and the impact it will have on consumers financially, multiple businesses, banks and corporations have announced measures to help those impacted the most. Banks such as Truist, Citibank, Bank of America and Capital One are among the many that took steps to protect customers during this difficult time.

Banks with Specific COVID-19 Policies

Truist temporarily waved ATM fees in 2020. Their website now lists $50 million in donations to community organizations, but no longer offers customers reduced rates.

Citibank is increasing credit lines for their customers. They are also waiving all monthly service fees and offering hardship programs for mortgages through their service provider, Cenlar FSB.

Bank of America is offering forbearance with certain fees to small business clients who are facing hardships during this pandemic. They are also urging customers to download their mobile app and take advantage of mobile banking.

Capital One is offering minimum payment assistance to customers who can’t make full payments on time. They are also offering deferred loan assistance and fee suppression on those loans.

Ally Bank allowed borrowers to defer loan payments for up to 120 days. Ally temporarily suspended fees for excessive transactions, overdrafts, and expedited checks and debit cards on savings and money market accounts in 2020. As of February 2021, the bank no longer offers these perks.

U.S. Bank temporarily reduced the rates on its Personal and Simple loans. Their website makes no mention of other benefits to customers, and all of its pandemic-related programs ended in 2021.

Chase has announced that they are working with customers on an individual basis. Discover announced that they are doing the same. ENC has announced that they are following suit with Chase and Discover. Wells Fargo has announced that they will be doing the same.

Policy Expiration and Alternative Solutions

Many banks responded to COVID-19 with temporary special offers that are mostly expired. It is suggested that you reach out to your individual bank with any questions regarding how they’re dealing with this pandemic.

Banks are also encouraging customers to utilize drive-thru, ATM, internet and mobile banking channels for transaction services. Some North Carolina banks will be closing or limiting lobby access to walk-in traffic to ensure the health and safety of employees and customers

Our firm will be investigating to make sure these banks follow through and do what they say in order to help their customers during this difficult time. If you or someone you know ends up being impacted by your bank not following through on their procedures during COVID-19, our firm is here to help.

Maginnis Howard’s consumer law attorneys are committed to helping consumers like you who have been wronged by banks or big corporations. You can reach our firm’s consumer law attorneys by phone at (919) 526-0450 or through our contact page.