Citadel extends loan relief
Program automatically pushes back monthly due dates for customers
EXTON » Citadel is extending its Loan Relief Program for customers due to the continuing coronavirus pandemic. The program, rolled out in late March, aims to help alleviate financial struggles for the financial institution’s 215,000 members.
Initially slated to run through May, the program has been extended through June.
Under the program, Citadel has automatically pushed back dues dates for members on a number of products including: credit cards, auto loans, home equity lines of credit, home equity loans and personal loans.
“Our goal is to be there for our members in challenging times; they depend on us as their financial institution. We automatically pushed back loan due dates to give them one less thing to worry about,” Jeff March, president and CEO, Citadel, said in a statement. “The
Loan Relief Program is designed to provide some financial peace of mind for members as a result of the pandemic.”
The decision to launch the Loan Relief Program was made proactively, according to Abigail Brooks, corporate communications manager for Citadel.
“We knew many people would need relief on payments, and we wanted to do the right thing as their financial institution. It’s important to be there as a support system, ready to help in times like these,” she said in an emailed response to questions.
According to Brooks, customers do not need to take any action to take advantage of the Loan Relief Program to skip their payments on the loans listed in the program. Members will begin to see the new June due date reflected on their loan accounts as early as May 1.
For example, a loan due on May 25 will now be due June 25. Customers that do not need the extension can continue to pay their bill as they normally would.
In addition, Citadel is waiving all late fees. However, interest will continue to accrue, and skipping the payment may extend the term of the loan, according to information on the company’s website.
Brooks said feedback from customers since the program
“Our goal is to be there for our members in challenging times; they depend on us as their financial institution. We automatically pushed back loan due dates to give them one less thing to worry about.” — Jeff March, president and CEO, Citadel
was originally implemented has been positive.
For those customers that need mortgage relief, Citadel has a dedicated Mortgage Assistance Team, to discuss individual circumstances and assess what can be done. If a customer is struggling to make a mortgage payment due to COVID-19, they can fill out Citadel’s Mortgage Payment Assistance Form to request payment relief, according to a press release. Each request will be reviewed and a reply given within 3 to 5 business days.
In addition, any Citadel commercial loan client experiencing hardship in making payments can fill out the Business Loan Assistance Form or contact BusinessRelief@citadelbanking.com.
“These are unprecedented times — and many people in the Greater Philadelphia-area are going through financial hardship right now. Our goal was to alleviate worry, provide peace of mind, and allow our members to focus on more important things, such as their health and family,” Brooks added via her emailed response.
Citadel’s branches remain open with limited access for the safety of its members and employees. The Citadel Contact Center also remains open.
For all of the details on Citadel’s Loan Relief Program visit https://www. citadelbanking.com/ LoanRelief, and for information about the company’s response to COVID-19 visit CitadelBanking.com/COVID19.
Headquartered in Chester County, Citadel operates 24 branch locations serving customers in Bucks, Chester, Delaware, Lancaster, Montgomery and Philadelphia counties.