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Banks Claim to Protect Customers During Pandemic


Due to COVID-19 and the impact it will have on consumers financially, mutiple businesses, banks and corporations have announced measures to help those impacted the most. Banks such as Truist, Citibank, Bank of America and Capital One are among the many that are taking measures to help customers during this difficult time.

Truist is waiving ATM fees through April 15th, for all consumers. They will also offer payment relief plans for customers who are struggling to make payments.

Citibank is increasing credit lines for their customers. They are also waiving all monthly service fees and offering hardship programs for mortgages through their service provider, Cenlar FSB.

Bank of America is offering forbearance with certain fees to small business clients who are facing hardships during this pandemic. They are also urging customers to download their mobile app and take advantage of mobile banking.

Capital One is offering minimum payment assistance to customers who can’t make full payments on time. They are also offering deferred loan assistance and fee suppression on those loans.

Ally Bank is allowing borrowers to defer loan payments for up to 120 days. They also announced that there will be no late fees during this time. You must first call Ally if you intend to take advantage of this option. Ally is also suspending fees for excessive transactions, overdrafts, and expedited checks and debit cards on savings and money market accounts over the next 120 days.

U.S. Bank has announced starting on Mar. 13, 2020, U.S. Bank has temporarily reduced the rates on its Personal and Simple loans. Its Personal Loan enables you to borrow between $1,000 and $4,999 with terms up to 48 months at a reduced APR of 2.99%. Its Simple Loan product lets you borrow between $100 and $1,000 with no hidden fees and repay the loan in three equal payments.

Chase has announced that they are working with customers on an individual basis. Discover has announced that they are doing the same. PNC has announced that they are following suit with Chase and Discover. Wells Fargo has announced that they will be doing the same.

Other banks have announced that they will be helping their consumers, but they have not announced a direct line of action in doing so at this time. It is suggested that you reach out to your individual bank with any questions regarding how they’re dealing with this pandemic.

Banks are also encouraging customers to utilize drive-thru, ATM, internet and mobile banking channels for transaction services. Some North Carolina banks will be closing or limiting lobby access to walk-in traffic to ensure the health and safety of employees and customers

Our firm will be investigating to make sure these banks follow through and do what they say in order to help their customers during this difficult time. If you or someone you know ends up being impacted by your bank not following through on their procedures during COVID-19, Maginnis Law is here to help you.

Maginnis Law’s consumer law attorneys are committed to helping consumers like you who have been wronged by banks or big corporations. You can reach our firm’s consumer law attorneys by phone at 919.526.0450 or email us at info@maginnislaw.com.

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