Financial Institutions Provide Support

Amid the current circumstances where many individuals are unable to work due to the pandemic and are awaiting government aid, financial support becomes crucial for those struggling to make ends meet. In response to this need, several banks are offering assistance such as zero-interest loans or waived fees to help individuals facing financial challenges during this time.

One such example is Bank of America, which allows credit card holders to request a payment deferral online if they are unable to make timely payments. Additionally, Bank of America has halted foreclosures, evictions, and repossessions until further notice to alleviate some of the financial burdens faced by their customers.

Customers banking with Citi can benefit from waived monthly service fees and penalties on early certificate of deposit withdrawals. Furthermore, they have the option to request an extension of their credit line if needed.

Ally Financial is offering a grace period for mortgage and auto loan payments for up to 120 days, along with the waiver of late fees. Moreover, various banking fees such as minimum balance requirements and overdraft fees are being waived for the same 120-day period.

It’s important to note that even if your bank is not mentioned here, they may still have assistance programs in place. If you are experiencing financial hardship due to the pandemic, consider reaching out to your bank to discuss potential solutions. Assistance is usually tailored to individual circumstances, and as long as your account is in good standing, banks are generally willing to work with you to find a suitable arrangement.