Small businesses and people alike thrive on access to credit and credit cards to keep their businesses and personal lives afloat. But during times of uncertainty, as is the case with COVID-19, some may have trouble making those payments each month.
Aftermarket Intel is taking a look at several banks and the assistance they are offering cardholders and other customers during this time. This list can’t be exhaustive, because there are simply too many financial institutions to contact right now. Some institutions are updating their own COVID-19 response website page. Some have yet to react. When in doubt, go online to your bank’s website or phone app or call your bank to ask what options may be available to you.
“Like you, we’re monitoring the latest news about the coronavirus. That’s why we’re doing all we can to make sure our branches are open, our bankers are there and our call centers are staffed. You can count on us at times like this, especially if you need our help.” The bank has set up a special page to address the issue. “If you’ve been affected by COVID-19 and need help with your account, please call us at the number on the back of your credit or debit card, or on your monthly statement.”
More information is available here.
“Should you be impacted by COVID-19 and need our support, we’re here to help. Effective Monday, March 9, 2020 for an initial thirty days, contact us for assistance with:
For Retail Bank Customers: Fee waivers on monthly service fees; waived penalties for early CD withdrawal.
For Retail Bank Small Business Customers: Fee waivers on monthly service fees and remote deposit capture; waived penalties for early CD withdrawal; Bankers available after hours and on weekends for support.” More information is available here.
Bank of America
“Amid news about the coronavirus (COVID-19), we are committed to doing everything we can to meet your banking and investing needs. We’re here for you with the solutions, support, and advice you need to manage your finances and to navigate the volatility of the market,” the bank said.
“In the days to come we will continue to devote all necessary resources to help ensure your personal safety, while maintaining all of the services you count on. And as new developments emerge, we will share information with you about how we continue to operate safely and effectively.”
The bank doesn’t yet mention specifics about the assistance that it’s offering.
“Wells Fargo is committed to helping customers experiencing hardships, including from the Coronavirus Disease (COVID-19). If in need of assistance, we encourage customers to call us at 1-800-219-9739 to speak with a trained specialist to discuss options available for their consumer lending, small business and deposit products.”
Capital One Bank
“We also understand that there may be instances where customers find themselves facing financial difficulties. Capital One is here to help, and we encourage customers who may be impacted or need assistance to reach out to discuss and find a solution for you. Should you find yourself in need of assistance, please contact us.” The bank has more information available here.
Santander Consumer Bank
“Santander Consumer USA cares about the health of you and your family. We are committed to doing everything we can to help our customers in our communities that might be affected by the Coronavirus (COVID-19). We understand hardships may arise and are prepared to assist you. If you need assistance or have questions regarding your Santander Consumer USA account we can be reached by phone at 888-222-4227.”
Bank spokesperson Jonathan E. Longwill says, “Discussions are currently ongoing on how to best work closely with our customers and assisting them during this economic downturn. We will be releasing more information in the near future.”
“As we continue to monitor developments regarding the coronavirus, PNC recognizes that some of our customers may be negatively affected by impacts of this global outbreak. As always, our focus is the safety and well-being of our customers, employees and the communities we serve, and our thoughts are with those who have been impacted. To that end, we stand ready to work with those experiencing financial difficulty as a result, and we are taking the necessary steps to avoid potential disruptions of service to our customers.
PNC is prepared to offer assistance, as needed, to impacted customers through a range of measures. Should you, as a current customer of PNC, encounter hardship as a result of the coronavirus, please call us at 1-888-762-2265 (7 a.m. – 10 p.m. ET Monday – Friday; 8 a.m. – 5 p.m. ET Saturday & Sunday). We will continue to monitor the situation to determine potential extension or expansion of available assistance, and we will continue to communicate these decisions with you.”
“If you are experiencing hardship regarding a mortgage, home equity line or loan, auto loan or credit card balance, now or in the future, representatives are available to assist you with a range of solutions at 866-601-6391 from 8 a.m. to 7 p.m. ET Monday through Thursday and Friday from 8 a.m. to 5 p.m. ET,” the bank says on its site.
“If you’ve been financially impacted by COVID-19 and need help, please call us at 888-287-7817 to discuss product discounts and other customized solutions. Effective Friday, March 13, 2020, we are making temporary adjustments to the following products to help existing customers affected by COVID-19:
The following two products are available via online banking, our mobile app, call centers and our branches.
Quick Loan (general business purpose): $5,000 to $250,000 with terms from 12 to 84 months at an interest rate 2% lower than the standard rate for which the business would qualify.
Cash Flow Manager (secured & unsecured): An on-demand line of credit of $10,000 to $250,000 at an interest rate 1% lower than the standard rate for which the business would qualify.”
For the latest news and information on the global automotive aftermarket industry, visit https://aftermarketintel.com.