Consumers, Business Customers Being Helped
March 21, 2020
Banks and credit unions across New York are instituting various plans and reactions to the coronavirus outbreak. New York has been one of the hardest hit locations in the world for the pandemic.
Via the Long Island Business Journal, here is a sampling of how financial institutions are responding.
M&T Bank is suspending fees for ATM transactions and early withdrawals on all CDs open greater than seven days. For business customers, the bank is also waiving the monthly maintenance fees for remote check deposit.
Valley Bank announced it is increasing its debit card and credit card limits for customers. The bank also said consumer and commercial lending customers should inquire about possible interest and principal payment deferrals for up to 90 days, waived overdraft charges, and increased loan limits among other steps.
For impacted members, Teachers Federal Credit Union is offering a $500 no-interest loan with a repayment period of six months and a $5,000 loan with a 3.99 percent APR with a repayment period of three years.
Read more about LI banks and credit unions.
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.
A Yale University psychiatry professor calls on banks to make their services accessible to people with mental health issues