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When we first compiled a list of the help banks were offering during COVID-19, many of their programs were specifically outlined. As the situation has evolved, many banks (all of the ones we previously mentioned at least) are still offering help — but you may have to apply, and it may be decided on a case-by-case basis. It’s also important to note that some banks state specific cutoff dates for enrolling in the forbearance and deferment programs they offer. 

Check out our updated list, accurate as of December 10, 2020.

Ally Bank

  • Auto Loans:
    Payments can be deferred for a period of time determined on a case-by-case basis. Your auto loan contract will then be extended by the number of months a payment was skipped. No late fees will be charged, but finance charges will continue to accrue.
  • Banking:
    If you initiate more than 6 withdrawals or transfers, the excessive transaction fee will be refunded.
  • Mortgages:
    According to their website, if you live in Oregon, Washington, D.C., or Massachusetts, you may be able to request a temporary payment deferral (i.e. forbearance). If you are currently in a forbearance program and are unable to pay at the end of the initial 120-day period, you can call a representative to discuss your options. This may include a 60-day extension, a repayment plan, or a streamlined modification.Evictions and foreclosure proceedings will be suspended until December 31, 2020.

US Bank

  • Banking:
    If you initiate more than 6 withdrawals or transfers, the excessive transaction fee will be refunded.
  • Credit Cards:
    Payment assistance may be available on a case-by-case basis. Call the number on the back of your card to speak to a representative about your options.
  • Mortgages:
    Forbearance plans are available for those who are eligible. This would suspend payments for up to 180 days with no late fees. Your account would also be reported to credit reporting agencies (CRAs) as “current” (as long as it was current before placed in forbearance).

Wells Fargo

  • Mortgages:
    If your loan is covered under the CARES Act (learn more here), you can request an initial loan forbearance of up to 6 months, which can be extended another 6 months if needed. A representative will check in with you every 3 months to confirm your financial situation has not changed. If your loan is not covered under the CARES Act, you may be eligible for the same protections (subject to approval and more financial information may be required). Your account will continue to be reported as “current” to CRAs unless it was delinquent before forbearance began.
  • Auto Loans:
    Three-month payment deferment is available for those deemed eligible, even if you’ve already deferred your payment previously. However, during this time interest will continue to accrue. Note: All deferment requests related to COVID-related financial hardship must be submitted by December 30, 2020.
  • Personal Loans and Student Loans:
    Payments can be deferred on eligible personal loans and student loans for 3 consecutive billing cycles. After this period expires, you can request one extension. Interest will continue to accrue during deferment, however. Note: All deferment requests related to COVID-related financial hardship must be submitted by December 30, 2020.
  • Credit Cards:
    Assistance can be requested on a case-by-case basis online or by phone. If your credit card payments are deferred, you can continue to use your credit card within your credit limit, as long as your account was in good standing beforehand. However, interest will continue to accrue. Note: All deferment requests related to COVID-related financial hardship must be submitted by December 30, 2020.

Bank of America

  • Mortgages:
    If you have only one payment due on your loan, you may be eligible for payment deferment for up to three months, with extensions possible for up to 12 months. If you have more than one payment due, or if you have a loan managed by a third party, you may qualify for payment forbearance for up to 12 months (in 3-6 month increments). Both programs waive late fees and payments will continue to be reported as current to CRAs (as long as they were current before deferment or forbearance).
  • Auto Loans, Credit Cards:
    No specific relief options are outlined, but you can learn more about options by clicking on the “get payment information” button under “managing your payments” here.

Chase

  • Mortgages:
    Mortgage payments can be deferred for three months at a time for up to 12 months total.  Your deferment period will be automatically extended after the initial three months unless you request otherwise. After six months your deferment will end unless you request an extension. Missed payments will be reported as current to CRAs.
  • Auto Loans and Leases:
    According to Chase, auto assistance is available upon request to customers with Chase Auto, Aston Martin Financial Services, Enterprise Auto FinanceTM, Jaguar Financial Group, Land Rover Financial Group, Maserati Capital USA, Subaru Motors Finance and Vroom Financial Services brands.
  • Credit Cards:
    You may be able to defer a payment by enrolling in Chase’s COVID-19 Payment Assistance Program online here.

Capital One

  • Mortgages, Auto Loans, Credit Cards:
    No specific relief options are outlined. Customers in need of relief are encouraged to contact customer service. 

Citi

  • Mortgages:
    Cenlar FSB, Citi’s service provider, is offering forbearance programs to eligible customers. You can learn more by logging into your account here.
  • Credit Cards:
    Sign on here to find out what assistance programs may be available to you.
  • Banking:
    Citi is waiving safe deposit fees, fees for use of non-CITI ATMs, and monthly service fees. They are also waiving fees for earthly withdrawals of certificates of deposit (CDs).
  • Personal Loans:
    Monthly payments can be deferred for two statement cycles and no late fees will apply. Accounts will not be reported as delinquent to CRAs (unless they were already delinquent).

TD Bank

  • Mortgage, Personal Loans, Auto Loans, Credit Cards:
    TD Bank is offering various forms of assistance to those who qualify, including mortgage forbearance, repayment flexibility, and waived fees. Find the numbers to call to request assistance here.

HSBC Bank 

  • Mortgages:
    Options include payment deferrals between 90-360 days. Late fees will be waived and accounts will not be reported as “delinquent” to CRAs. 
  • Personal Loans:
    Assistance may be available to those who have been “directly or indirectly impacted by coronavirus” and have had their ability to make minimum monthly payments impacted (due to job loss, etc.).
  • Banking:
    Fees for ATM withdrawals, overdraft, insufficient funds, and monthly maintenance fees can all be waived. Penalties for early withdrawal from CDs can also be waived if the funds are needed due to financial hardship related to coronavirus.

Again, as this situation continues to involve, these programs and offerings may change. Make sure you stay in communication with your lenders and creditors to ensure you get the help you need, when you need it.