BOSTON — The Massachusetts Bankers Affiliation urged shoppers who’re dealing with monetary hardships as a result of COVID-19 pandemic to contact their monetary establishment for help.
Native banks all through the commonwealth have pledged to work with their clients – people and companies — to mitigate the monetary impression of the present well being disaster.
“We strongly encourage anybody who’s unable to make a cost on their mortgage, wants entry to funds in a certificates of deposit or different aid to contact their monetary establishment for choices to assist them by means of this unprecedented scenario,” stated Daniel J. Forte, MBA president and CEO. “Native banks are prepared and prepared to assist throughout these difficult instances, however it’s important that you just attain out as quickly as attainable.”
Most native banks have already introduced applications to help shoppers.
For instance, Greenfield Cooperative Financial institution is providing a “cost vacation” for residential and industrial mortgage clients; Berkshire Financial institution has established particular aid applications for the LGBTQ and minority-owned enterprise communities whereas Rockland Belief Firm, Japanese Financial institution, Financial institution of America and lots of others have introduced vital initiatives to help native residents and small companies.
MBA has created a COVID-19 Useful resource web page on our web site with extra info. We encourage you to go to www.massbankers.org.
Along with aid on mortgages and different loans, banks are working with clients who may have entry to funds in Certificates of Deposit (CDs), waiving charges for sure merchandise or transactions, and rising each day debit or ATM limits the place acceptable. We anticipate that extra applications will probably be developed within the coming days and weeks to help people and companies as Congress considers a serious financial stimulus package deal in Washington, DC.
Additionally it is vital that buyers watch out for scams and fraud, which have a tendency to extend in unsure instances. MBA reminds shoppers that the most secure place for cash is of their financial institution, the place all accounts are insured as much as $250,000. Many Massachusetts banks even have extra insurance coverage to guard your funds. Massive money withdrawals are uninsured and in danger for loss; 95% of all transactions may be accomplished on cellular/on-line banking, debit/bank cards or at an ATM, with out the well being dangers of in-lobby visits.
“These are difficult instances for Massachusetts households and companies and native banks are doing our half to assist ease the monetary burden,” Forte stated.
For extra info, go to www.massbankers.org