It’s a very tough time right now that not anyone living today has probably seen anything like in their lifetime. But we as Americans now have to navigate this crisis together, and there are thankfully many financial assistance and forgiveness options available from your banks, credit card companies, mortgage company, and more.
Some of the items that you can expect to have eliminated especially from your banks are:
- Overdraft fees
- Monthly maintenance charges
- Consumer loan late payment fees
- CD early redemption penalties will not be assessed (up to $25,000)
Each bank will have their own set of guidelines, but this is generally what we are seeing across many of the larger banks across the country.
Some other benefits that you can receive during this crisis is:
- 90 day consumer loan payment assistance program. (Subject to credit approval. Interest will accrue during the 90-day no payment period for products where payments are being deferred or waived. There will be no communication to the credit reporting agencies.)
- Mortgage payment forgiveness by either accepting late payments or even working out other terms so you should contact your lender directly.
Banks and credit card companies understand this pandemic has created uncertainty for individuals and businesses. They are trying to do everything in their power to see you through this difficult time. Simply reach out to any lender or credit company you do business with and you can explain your financial situation during this crisis and they will most likely offer you some kind of assistance or forgiveness as we as a country hope to get back on our feet sooner than later.