Millions of Americans are unable to pay their bills, thanks to a wave of massive job losses tied to the coronavirus lockdown. Now, scores of banks want to ease that pain by letting customers delay payment of some key expenses.
Some of these banks will let you defer credit card and mortgage payments, while others will let you tap into a CD penalty-free.
Stop by the American Bankers Association website for a full list of banks offering such flexibility to their customers. Following are a few highlights at major banks.
Many of these institutions are offering relief that goes beyond what you see in this list, so contact your bank for more details.
Customers can defer home and auto loan payments. Ally also is waiving fees for overdrafts until July 18.
Bank of America
Customers unable to pay their credit card bill or auto or home loan can stop by the bank’s website and request payment deferral.
Credit card customers who request help can skip minimum payments and avoid late fees for two statement cycles. Similar relief is available to those with personal loans. You also can withdraw money from a CD penalty-free through May 8.
Fifth Third Bank
Payment deferrals are available for 90 days on mortgages, auto loans, credit cards and home equity products.
Navy Federal Credit Union
The credit union is waiving fees associated with early CD withdrawal, as well as cash transfers.
Assistance — ranging from payment deferrals to waiving and refunding fees — is available for various types of lending products, including credit cards and mortgages.
Some customers can defer mortgage payments for up to 180 days. Personal loan rates have been temporarily reduced to 2.99% APR. Flexible payment options also are available for those with auto, boat or RV loans.
Customers can get various types of payment forbearance, including for mortgages and credit cards. Also, TIAA Bank is waiving fees for everything from wire transfers to having insufficient funds.
On a case by case basis, the bank is offering payment deferrals and fee waivers associated with credit cards, auto loans and mortgages. You must contact the bank to ask for such assistance.