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Banks take measures to serve customers amid COVID-19

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The banking industry is stepping up to serve customers as well as their employees as the Coronavirus pandemic puts instance pressure on customers, as millions of Americans are restricted to remain in their homes, and businesses are facing huge losses. A number of banks have started doing their part in this time of need.

Mobile Payments mentioned this in a tweet on 18th March, 2020:

Berkshire Bank in Boston has increased the daily spending limits for customers and penalties for early withdrawal have also been waived from Certificates of Deposits. Bank officials reported that clients have been seeking extra flexibility and coming into the bank with concerns that they might have to spend a greater period of time at home.

Tami Gunsch, Senior Executive Vice President & Director of Relationship Banking stated, “We did experience an increase in customer traffic into our branch locations late last week to ensure they had money on hand in case they were not able to visit a bank for a few weeks due to impact related to the Coronavirus. He added, “This gave us an opportunity to connect with customers and provide information on the various ways they can conduct their everyday banking without reliance on a branch location and in a way that promotes social distancing.”

Similarly, BBVA USA is offering penalty-free withdrawals from Certificates of Deposits, reimbursing ATM fees, and deferrals, extensions, and waivers on loans and lines of credit to its clients. Javier Rodriguez Soler, BBVA USA President announced in a press release, “We understand that this pandemic has put many of our customers in a position of uncertainty, and we are working to take some of that burden off of them,” Furthermore, “We know that this is a fluid situation and we will closely monitor any developments that could continue to negatively impact customers across our entire footprint.”

Webster Bank in Connecticut has also started offering various improvements in services to help small businesses and consumers. John Cuilla, President and CEO of Webster Bank said, “We recognize the emergence of COVID-19 and the dramatic steps we must all take to curtail its spread, will create financial and other challenges for our customers and communities,” He added, “Consistent with our long history of supporting our customers in times of need, Webster is committed to providing the financial flexibility to the individuals, small businesses and corporations we serve.”
Webster is offering the following options to customers:

  • Increased spending limits on debit cards.
  • Penalty waivers for early CD withdrawals up to $25,000.
  • Increased remote deposit limits.
  • Payment deferral options on mortgages, home equity or personal and
  • small business loans, based on the requirement.