Monetary help:
Local banks roll out programs for financial relief
Local banks and the state are putting financial measures in place to assist customers and businesses through uncertainties created by the COVID-19 outbreak.
Century Bank is offering interest-only payment options and payment deferrals for business and customer loans, as well as flexible and quick-turnaround line of credit options for businesses and other customers.
Century also has in place fee waivers for clients affected by coronavirus setbacks, according to a news release. The bank has increased withdrawal limits on ATMs and increased point-of-sale limits on debit cards.
Century Bank and Del Norte Credit Union have closed branches to walk-in traffic, but customers can make appointments for person-to-person meetings. Both banks have shifted to drive-up banking. Other banks are considering or have implemented similar measures.
Del Norte Credit Union has multiple customized financial plan alternatives, including low-interest loans and payment deferrals, specific to the COVID-19 situation, the credit union said in a release.
Wells Fargo Bank is offering fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers.
“We will continue to communicate with customers as the situation evolves,” Wells Fargo spokeswoman Franchesca Pancham said.
Working on a case-by-case basis, Bank of America will make changes, including deferring payments and refunds on late fees for consumer and small-business deposit accounts and credit cards. It also will offer refunds on overdraft fees, insufficient funds fees and monthly maintenance fees, the bank said in a news release.
Bank of America also is offering deferments for auto, home and small-business loans.
“In all of these instances, there will be no negative credit bureau reporting for up-to-date clients,” Bank of America said in a release. “We have also paused foreclosure sales, evictions and repossessions.”
First National Bank 1870 is just finishing up a COVID-19 response program that could involve deferment of payments and interest-only payments, said Scott Czarniak, regional president for Northern New Mexico.
“Everybody is impacted by this,” Czarniak said. “This is unprecedented. Right now we are working on programs to help customers get through this downturn.”
New Mexico Bank & Trust has doubled ATM daily withdrawal maximums from $500 to $1,000, spokeswoman Shauna Shannon said.
“We don’t have a blanket program, but we are working with customers on an individual basis to assess needs and develop an appropriate solution for them,” Shannon said.
Nusenda Credit Union is allowing affected members to skip the April payment on Nusenda credit cards, and members can ask for deferrals on auto, personal and equity loans. Nusenda also is offering temporary zero-interest member assistance loans to counter missed work or “needing extra supplies,” according to a Nusenda news release.
Washington Federal Bank has small-business lines of credit up to $200,000 interest free for 90 days for businesses affected by the virus. It has expedited lines of credit up to $30,000 available in two or three days, while larger amounts can take a week or two to issue, bank spokesman Brad Goode said.
The New Mexico Economic Development Department’s COVID-19 Business Loan Guarantee Program can guarantee a portion of a loan or line of credit up to 80 percent of principal or $50,000 for businesses dealing with negative economic impacts, according to a news release.
The state Economic Development Department also tailored its Local Economic Development Act to make no-interest loans available to affected businesses for land, building and infrastructure costs, and lease abatement or mortgage assistance.
This is unprecedented. Right now we are working on programs to help customers get through this downturn.” Scott Czarniak, First National Bank 1870 regional president for Northern New Mexico