Financial Institutions Offer Support During the Coronavirus COVID-19 Pandemic

WisePiggy Editors
  • Banking
  • 6 minute read

If the COVID-19 pandemic has affected your ability to make ends meet, you could find help from these financial institutions currently offering assistance.

Sourced from:

During this unprecedented time, many Americans are facing concerns not only about their health, but their financial well-being as well.  As novel coronavirus COVID-19 continues to spread, many workers are finding themselves with reduced hours or laid-off altogether.  Some are feeling additional concerns about whether to show up to work sick, or stay home and lose much needed income to pay rent and other bills.


In an effort to “meet the financial needs” of people who are being affected by COVID-19, the Federal Reserve has called on financial institutions to help.  Already, many of the country’s largest financial institutions have rolled out changes and programs to help their customers through this very difficult time.

Some of the financial institutions that are offering coronavirus assistance:


Starting March 9, 2020, the following are in place for 30 days, according to the company website:

  • For Retail Bank Customers: Fee waivers on monthly service fees; waived penalties for early CD withdrawal.
  • For Retail Bank Small Business Customers: Fee waivers on monthly service fees and remote deposit capture; waived penalties for early CD withdrawal; Bankers available after hours and on weekends for support.”

Citi also has support available for eligible customers needing credit line increases and collection forbearance assistance, as well as programs available for eligible mortgage customers.

Wells Fargo

Wells Fargo shared its response to the coronavirus disease, stating that “Wells Fargo is committed to helping customers experiencing hardships, including from the Coronavirus Disease (COVID-19).  If in need of assistance, we encourage customers to call us at 1-800-219-9739 to speak with a trained specialist to discuss options available for their consumer lending, small business and deposit products.”
It also included its efforts to keep branches safe with sanitizing products as well as warning customers to look out for potential scammers impersonating government employees or charities during the crisis.

U.S. Bank

U.S. Bank is directing customers to reach out to 888-287-7817 if in need of “immediate assistance.”

Capital One

Capital One published an update to its website, urging customers to take advantage of digital options whenever possible, and sharing their Contact Us page as a resource for those in need as a result of the coronavirus.


PNC Bank

PNC posted the following statement to its website: “PNC is prepared to offer assistance, as needed, to impacted customers through a range of measures. Should you, as a current customer of PNC, encounter hardship as a result of the coronavirus, please call us at 1-888-762-2265 (7 a.m. – 10 p.m. ET Monday – Friday; 8 a.m. – 5 p.m. ET Saturday & Sunday).”
PNC also left open the possibility to expand assistance programs in the future, if needed.


The product of a December merger between SunTrust and BB&T, Truist announced on its website that its team is “committed to working with our clients to reduce financial stress during this challenging and uncertain time.

  • Heritage SunTrust clients, please contact 800-SUNTRUST (800-786-8787).
  • Heritage BB&T clients, please contact 800-226-5228.”


Discover said in a statement that it “is extending relief to qualified customers who are experiencing financial difficulty caused by the spread of the Coronavirus (COVID-19). Discover customers may receive assistance that can include support related to payment timing, fees and late payments.”
Discover is encouraging customers to reach out by phone or through its “mobile text app, which connects a customer directly with an agent.” To access relevant phone numbers and other questions related to COVID-19, you can visit


Nelnet, a student loan servicer, announced the following relief effort on its website: “If you’re affected by COVID-19 directly or indirectly and need our support, we’re here to help you with options to reduce or postpone your payments:

  • Change your repayment plan to reduce your monthly payments
  • Apply for a deferment
  • Apply for a forbearance”

To access this relief, you can “visit, email us at, or call us at 888.486.4722 from 8 a.m. to 10 p.m. (Eastern) Monday – Friday.”


Navient, another major student loan servicer, provided a statement on its website for those affected: “If you’ve been impacted by the coronavirus and are having difficulty making payments, we encourage you to call us at 888-272-5543 to explore your options to reduce or postpone your payments.”

Great Lakes

Great Lakes released updated information on its website, posting that if you are “affected by COVID-19 directly or indirectly and need our support, we’re here to help you with options to reduce or postpone your payments.”
You can reach out to Great Lakes digitally on its website, mobile app, or by emailing If you’d prefer to speak to someone over the phone, you can call (800) 236-4300.


SoFi published an alert to its website where you can find a list of general service-specific contacts, as well as resources provided in response to the novel coronavirus. For support related to student loan payments, SoFi advises that “to inquire about forbearance and hardship relief due to COVID-19, please contact MOHELA at 877-292-7470 or send a secure message through and they can address your concerns.”
For support related to personal loan payments, SoFi directed customers to call its “Hardship Relief Team to go through your options at 855-456-7634.”

Internal Revenue Service (IRS)

At a March 17th press briefing, Treasury Secretary Steven Mnuchin announced: “If you owe a payment to the IRS, you can defer up to a million dollars as an individual… interest-free and penalty-free for 90 days.”
As of March 20th, this move now also applies to Tax Day. Mnuchin announced via Twitter that the deadline to file your taxes will be postponed “from April 15 to July 15″ for “all taxpayers and businesses.”
Be aware that this move only applies to your federal taxes. You’ll need to check with your state to find out if it is offering any similar measures.