Banks waiving fees, allowing skipped payments to customers during coronavirus outbreak

Posted at 10:31 AM, Mar 19, 2020
and last updated 2020-03-19 10:31:35-04

CLEVELAND — Millions of Americans stress about money every day, but a new study published by WalletHub revealed people are stressing about the coronavirus outbreak just as much as money issues.

The survey said 67 million Americans could be at risk of not making their next credit card payment.

But there's no need to completely stress, because banks are now offering assistance programs to help customers who may be struggling.

Fifth Third, Bank of America, Capital One, Citi, Chase, Wells Fargo and U.S. Bank are some of the companies offering assistance.

“Fifth Third’s focus on helping customers improve their lives and building stronger communities is more relevant than ever during these times of uncertainty,” said Greg D. Carmichael, Fifth Third chairman, president and CEO. “We take our role and responsibility seriously to understand and put our customers’ needs first. We are continually evaluating our programs to assist our customers. Last week, we announced several proactive measures that we are taking across our business and consumer products to help lessen the financial strain on our customers, and we are providing additional details on these programs today. Our goal is to stand with our customers to help them and our communities get back on their feet. We are here to help our customers when they need us most.”

Each company is providing help on a case by case basis depending on the customers needs. Some are allowing customers to skip their monthly payment while others are waiving fees.

The best thing you can do is call your credit card company, explain your situation and how you're being impacted by COVID-19.

Financial experts also said if customers have an emergency savings account, now may be the time to use some of the money from the account. Also, if you qualify for a zero percent interest balance transfer, consider using the transfer. It could help with any building interest from skipped payments.

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