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With the much of the country still on pause due to the coronavirus, it’s likely that you or someone you know is in need of financial relief. While banks and lenders have largely been left to determine what type of assistance they will offer (aside from what is specifically outlined in the CARES Act), many are waiving fees and offering forbearance and deferment programs to those experiencing hardship. 

Here’s what a few of the major banks and lenders are doing to help.

Ally Bank

  • Mortgages:
    Payments can be deferred for up to 120 days and accounts will be reported as “current” to Credit Reporting Agencies (CRAs). While no late fees will be charged, interest will continue to accrue. Missed payments (plus accrued interest) will be due at the end of the forbearance period, unless you are approved for another repayment option. This could include repaying the amount over a maximum period of 12 months, or loan modification. In addition, all foreclosure proceedings will be placed on hold until July 30. 
  • 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:
    Overdraft and excessive transaction fees will be waived until July 18. Debit cards and checks can be expedited at no additional charge. 

US Bank

  • Mortgages:
    Payments can be suspended for up to 180 days with no late fees (a longer forbearance period may be approved on a case-by-case basis). Accounts will be reported as “current” to CRAs. Repayment plans may include paying past-due amounts over a predetermined period of time (in addition to regular mortgage payments) or hardship loan modification in which past due mortgage and escrow amounts are added to the end of the existing loan.
  • Car/Boat/RV Loans:
    Deferment, payment extensions, and alternative options are available on a case-by-case basis. Call for more information about your particular situation.

Wells Fargo

  • Mortgages:
    Loan forbearance for an initial three-month period with no late fees, potentially followed by up to an additional nine months, depending on the type of loan and individual eligibility. Accounts will be reported as “current” to CRAs. Foreclosure proceedings will automatically be halted for currently past-due accounts. Once the forbearance period is over, missed payments may have to be made in one lump sum, spread out over a period of time (in addition to regular mortgage payments), or made up through loan modification.
  • Auto Loans:
    Three-month payment deferment is available, along with waived late fees. Accounts will be reported as “current” to CRAs, and all involuntary vehicle repossessions will be paused.
  • Credit Cards:
    Payments can be deferred for three consecutive billing cycles. Interest will not accrue during this time. Accounts will be reported as “current” to CRAs.
  • Personal Loans and Student Loans:
    Payments can be deferred for three consecutive billing cycles, but interest will continue to accrue. Loans will be reported as “current” to CRAs.

Bank of America 

  • Mortgages, Auto Loans, Credit Cards:
    No specific relief options are outlined, but you can apply for payment deferral online here.

Chase

  • Mortgages:
    Loan forbearance for an initial three-month period includes no late fees and no delinquent account reporting to CRAs. Missed payments will be due in one lump sum at the end of the forbearance period unless you are deemed eligible for another repayment option, including: adding payments to the end of the loan, extension of the payment assistance period, an alternate repayment plan, or loan modification.
  • Auto Loans and Leases:
    According to the website, “Chase Auto has several relief options.” Visit their website to apply online. For added flexibility, auto leases nearing the end of their term will automatically be extended up to six months, as long as monthly payments continue to be made. 
  • Credit Cards:
    Up to three payments can be delayed. (Specific information regarding how delayed payments must be made up isn’t available on their website.)

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:
    Citi’s mortgage sub-server Cenlar is offering forbearance of up to 90 days with no late fees and no negative reporting to CRAs. An additional six months can be added if necessary. If your account was already delinquent, it will continue to be reported as delinquent throughout the forbearance period. Missed payments must be paid at the end of the forbearance period in a lump sum, spread out over a predetermined period of time (in addition to regular mortgage payments), added to the end of the loan, or addressed through loan modification.
  • Credit Cards:
    Log in here to find out available options.
  • Banking:
    Fees will be waived on safety deposit boxes and use of non-Citi ATMs through May 31,2020.
  • 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:
    Options include deferment and waived late fees. Contact customer service for more information.

PNC Bank

  • Mortgage, Unsecured Installment Loan, Unsecured Line of Credit, Auto Loans, Credit Cards:
    Options include deferment and waived late fees. Contact customer service for more information.
  • Student Loans:
    Options include deferment, waived late fees, and loan modification. Get more information 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, Credit Cards, Lines of Credit:
    Payments can be deferred or reduced for up to 120 days. Various fees can also be waived, including: overdraft protection, insufficient funds, cash advance, and late fees.
  • 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.

Before moving forward with a plan of action for your finances, here are a few tips to follow: 

  • Don’t assume your financial institution will automatically make account changes on your behalf.
    Most relief programs require you either speak to a customer service representative or fill out an application. 
  • Make sure you understand what happens after a forbearance or deferment period.
    Generally, missed payments must be made up in one way or another. While some institutions offer flexibility when it comes to how they are repaid, others may require a large lump-sum payment at the conclusion of the forbearance or deferment period.
  • Keep an eye on your credit report.
    While accounts that are in good standing prior to being placed in forbearance or deferment should be reported as “current” to CRAs, it’s never a bad idea to make sure this is the case with your credit report. Through April 2021 you can request one free credit report weekly from each of the three credit reporting agencies (Experian, TransUnion, and Experian). Get more information here.

*Note: All information is accurate as of May 21, 2020. Check your bank’s website for updates.

[Facing financial uncertainty? Knowledge is power — get all the facts about credit and debt here.]