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Money Management

Banks are Offering Aid During the Pandemic

Several institutions are offering some help.

Until the stimulus package delivers, a lot of people are kind of floating in the void. With everyone staying at home, a lot of people can’t work, and if you can’t work, you can’t make a living. You might need to turn to an alternate source of money to keep things afloat for a little while. To aid those who can’t work during the pandemic, several financial institutions are offering some kind of aid, whether it be zero-interest loans or waived fees. Here are a few banks that are offering some kind of coronavirus-specific service.

If you have a credit card with Bank of America and are worried you won’t be able to make your payments on time, you can file for a payment deferral online and get the deadline pushed back. Provided your account is in good standing, Bank of America won’t report late payments to the credit bureau, so your credit score won’t take a hit. Also, until further notice, Bank of America has placed a hold on foreclosures, evictions, and repossessions.

If you bank with Citi, you can get your monthly service fees and early certificate of deposit penalty fees waived. You can also request to have your credit line extended.

Ally Financial is allowing deferred payments on mortgages and auto loans for up to 120 days, plus no late fees. In fact, banking fees, like balance minimums and overdrafts, are being waived entirely for that same 120 days.

Remember, if I didn’t list your bank here, that doesn’t mean they’re not doing anything. If you’re in a worrisome position due to the pandemic, give your bank a call and see what they can do for you. Assistance is offered on a case-by-case basis, but as long as your account is in good standing, they should be able to throw something together for you.

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