Forum member banks have taken significant steps since December to assist customers who are facing financial hardship as a result of the partial government shutdown. Following is a summary of those actions as well as contact information for customers seeking help.
Bank of America has a Client Assistance Program for clients who may be impacted by the partial federal government shutdown. “We know the partial federal government shutdown is affecting many of our clients, and we want them to know that we are here to help,” said Aron Levine, head of Consumer Banking. “Our Client Assistance Program is available to individuals affected by the shutdown for personalized financial assistance, tailored to their specific situation and financial needs.”
The bank has set up a priority assistance phone line at 844.219.0690. They also can schedule an appointment to meet with a specialist.
Bank of America also has pledged $10,000 to the United Way National Capital Area Emergency Assistance Fund. The funds are being directed to organizations in the region that will help residents impacted by the furlough, providing vital food, rent and utility assistance programs.
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Chase encourages customers affected by the U.S. government shutdown to call if they need help with their Chase mortgages, credit card accounts or car loans. Chase offers hardship programs to customers broadly who have been affected by unemployment, financial strain or natural disasters, including potentially waiving or refunding late fees, extending payments on car loans and leases, or protecting customers’ credit histories.
Since December 24, Chase has been automatically waiving or refunding overdraft and monthly service fees on Chase checking and savings accounts if an employee’s salary from an affected federal agency was direct-deposited into the account in November 2018.
Customers can find out about Chase’s hardship programs by calling the special care line at 1-888-356-0023.
On January 25, JPMorgan Chase announced that it is also committing $1 million to Feeding America and United Way Worldwide to provide meals, financial services, counseling, and other assistance to federal workers and their families who are in need. JPMorgan Chase will match employee donations and make volunteer opportunities available for those who wish to support these and other organizations stepping up.
Citi has a variety of ways to help customers facing hardships. These include fee and interest adjustments, which vary across lines of business. With respect to mortgages, Citi may be able to offer short-term forbearance and repayment plans and/or loan modifications. Citi encourages any customers affected by the shutdown to contact Citi if they need assistance.
Additional Information, including relevant phone numbers, can be found here.
Government employees who have been affected by the temporary government shutdown may be eligible for a payment deferral on Marcus loans. To learn more, call 1-844-MARCUS6 (1-844-627-2876)
Wells Fargo is offering relief to impacted customers and community members. Fee reversals and waivers are available to affected customers. The company also has announced a donation of $250,000 to the United for U.S. Coalition by United Way to support those in local communities who are also impacted.
“Wells Fargo hopes to lessen the financial impact on our affected customers while also providing individual assistance for their unique needs,” said Tim Sloan, Wells Fargo CEO and President.
The bank will work with customers whose income is disrupted as a result of the shutdown. Customers should call the customer assistance line at 800-219-9739 to be connected with a team member who can assist based on their needs or visit any Wells Fargo branch for assistance. Information is also available on the company’s website at the government shutdown assistance page.
As of Jan. 22, Wells Fargo has provided more than $2.6 million in fee waivers to customers affected by the government shutdown, according to company figures. In addition, more than 14,000 customers have requested payment assistance, including 30-day payment relief on non-home lending consumer products and 90-day short-term forbearance for home lending, mortgage, and home equity.
Learn More: The Value and Strength of America’s Largest Financial Institutions
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