How financial institutions are helping customers cope amid pandemic
As the coronavirus pandemic presses on, many American’s wallets are stretching thin with more workers being laid off nationwide
The Federal Reserve, along with other government agencies, has called on the country’s largest financial institutions to “meet the financial needs” of people affected by COVID-19.
Some have responded with measures to help their customers cope.
Citibank is waiving monthly service fees and penalties for individual bankers and small business customers.
Wells Fargo is offering a free hotline -- 1-800-219-9739 -- where customers can speak with a trained specialist to discuss options for consumer lending, small business and deposit products.
US Bank has posted several helpful tools on its website and is offering some discounts for its services.
Capitol One has updated its “Contact” page to help customers get questions answered faster.
And Discover is extending relief to qualified customers experiencing financial difficulty caused by the pandemic.
Financial advisors across the country are also offering pro bono advice to people whose wallets are impacted by the outbreak. The XY Planning Network offers a search tool on its site that helps pinpoint financial advisors who are willing to provide free advice on coronavirus relief.
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