NEW YORK–Some of the nation’s biggest banks are telling cardholders affected financially by the COVID-19 outbreak they may be able to help.
CUToday.info is compiling relief efforts being offered by credit unions, as well. Please send news of what your CU is doing to Frank J. Diekmann at Frank@CUToday.info.
In the case of Citibank, it has sent a message telling customers should they face a loss of income, perhaps due to a temporary shutdown at a brick-and-mortar store or factory, Citi said it is ready to offer support and "dedicated assistance" programs,” reported USA Today.
"Please contact us at the number on the back of your card to find out about 'always on' assistance programs that may be available to you, such as credit line increases and collection forbearance," the Citi notice read, according to the report.
In Pittsburgh, meanwhile, PNC Bank has sent coronavirus-related emails to its customers stating, "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 customers were told to contact the bank if they "encounter hardship as a result of the coronavirus,” USA Today said.
Other Potential Issues
USA Today said some consumers may see relief, such as breaks on fees for cash advances, if they were touched directly by the health crisis, or other short-term breaks such as being offered a bigger credit line on their credit cards.
Separately, another concern for financial institutions has to do with their own employees, USA Today noted. “Banks, credit unions and others could face staffing challenges as cities report more coronavirus cases,” the report stated.
As CUToday.info reported earlier, member regulators of the FFIEC have issued a statement urging financial institutions to "work constructively with borrowers and other customers in affected communities."
"Prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism," the FFIEC said.