How to Talk to Your Bank During the Coronavirus Outbreak

With the novel coronavirus (COVID-19) spreading around the world and many stay-at-home orders put in place, it may get difficult to make monthly payments and manage your money if you're out of work. While it's a scary time, you shouldn't...

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Reaching out for Financial Assistance

Call your bank's customer service line as soon as you expect financial trouble. Rather than waiting to see if you can manage your finances on your own, contact your bank immediately since they may be able to save you more money. Look for your bank's customer service number online and give them a call when you can. If you can't find a customer service number, try looking up the number for your local branch and calling them instead.^{[1] X Research source}
1. Many banks don't have their lobbies open during the coronavirus outbreak, so avoid trying to meet with your banker in person.
2. Some banks also offer live text chats online if you don't want to calm them.
3. You may be put on hold for longer periods of time since many people are asking their banks for assistance.
Address your situation calmly and honestly so you don't seem panicked. Once you get a hold of your banker or a customer service representative, tell them about your entire situation and what you need assistance with. Be sure to include information about account numbers, when your payments are due, or any other concerns you may have. The banker will look at your account, ask more questions about your finances, and give you a list of services that may help you.^{[2] X Research source}
1. For example, you may say something like, 'I've been out of work for almost 2 weeks and haven't been able to collect my normal income. I have a mortgage that's due on April 1st, but I'm afraid I won't be able to afford the payment in full. Are you offering any sort of payment assistance?'
2. It's okay to feel nervous or scared about your finances, but do your best to stay relaxed. That way, it will be easier for you to explain your situation clearly.
Ask if you're able to defer loan or credit payments to a later time. Even your regular monthly bills may be difficult to cover due to coronavirus, but your banker may be able to extend the due dates. Let them know about what accounts or loans you may have trouble paying and see if they can defer your payments. Many banks offer an additional 30–60 days for you to make your payments without any fees.^{[3] X Research source}
1. For example, you could ask something like, 'I have 2 credit card payments that are both due on the 31st of this month, but it's been difficult to make payments since I haven't been able to go to work. Are you offering loan deferrals?'
2. You can usually defer payments on home and auto loans, mortgages, and credit card payments, but it may vary depending on where you bank.
Tip:If you got your credit cards or loans anywhere other than your bank, be sure to contact the financial institution that they belong to.
See if your bank will waive fees or interest rates during the outbreak. Since the coronavirus is considered a disaster, many financial institutions are freezing interest rates on credit cards and loans, as well as getting rid of fees for late payments. Tell your bank what accounts or loans you have and ask them what they can do about your rates. Hopefully, they'll be able to get rid of fees and interest so you aren't charged more money.^{[4] X Research source}
1. For example, you could say, 'I have an auto loan payment that has a 5% interest rate and I'm having a lot of trouble trying to manage my payment for this coming month. I'm worried about getting a late fee. Is there any way to waive the fee or lower my interest for the next few months?'
2. You may also be able to waive fees for overdrafts or taking money out of a fixed interest account.
Request a loan for payroll protection if you run a small business. The United States Chamber of Commerce offers emergency loans to help small businesses stay open and pay their employees. Tell your bank how the coronavirus has affected your business and that you're looking for a payroll protection loan. The banker may ask about the number of employees you have, your income and expense reports, and whether you've sought a loan elsewhere. If you qualify, you may be eligible for up to 2.5 times the amounts of your monthly payroll costs.^{[5] X Research source}
1. You can find out if you're eligible for a small business emergency loan here: https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf.
2. You may be eligible to have your loan forgiven equal to the amount you've spent during the 2 months after you received your loan.

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Accessing Your Money

Use online banking if you need to check on or transfer funds. Log in to your bank's website so you can look at your account balances and monitor your payments. Typically, you can look through your bank statements, look at your balances, and make internal transfers between different accounts. You can also make payments to your accounts or loans if you have any.^{[6] X Research source}
1. Avoid using public unprotected wifi networks to access your banking information since other people may be able to steal your information.
Check if your bank has a mobile app for accessing your account. Go to your phone's app store and type in the name of your bank to see if they have a dedicated app. Use the same account name and password as you would for your bank's website. From your phone, you can usually make transfers between accounts, check your balances, and take pictures of checks to make direct deposits. If you aren't able to access the information you need from the app, you may need to try another option.^{[7] X Research source}
1. Banking apps usually have a direct line to the customer service number so you can easily call them if you have trouble.
2. Opt into banking alerts through the app so you can track your account. That way, you can see if there are charges or withdrawals you didn't authorize.
Variation: If your bank doesn't have an app but they offer online banking, you can log in to your account on your phone's Internet browser.
Make deposits or withdrawals from your branch's drive-thru. Pull up to the window at your bank and let the teller know what you'd like to do. Typically, you can request cash withdrawals or make deposits from the drive-thru without any problems. When you're finished at the bank, be sure to wash your hands thoroughly or use sanitizer that's 70% alcohol to help prevent the spread of the virus.^{[8] X Research source}
1. Some banks may not offer their drive-thru services, so call ahead to check their hours and availability.
2. Avoid going through the drive-thru to talk about financial assistance since it may take a long time to discuss and you may hold up other people in line.
Go to an ATM if you need to get cash. Try to use the ATM at your bank branch or use one that that's associated with your bank. Insert your card and type in your PIN so you can access your account. Wash your hands after using an ATM or handling cash to prevent the spread of COVID-19.^{[9] X Research source}
1. Some banks are waiving ATM fees so you can get cash from any location even if it doesn't belong to your bank.