Citi Bank is Differing Late Fees Amid the COVID-19 Pandemic
Grace Mahas — July 13, 2020 — Business
References: online.citi & cardrates
Amid the COVID-19 pandemic, many consumers are struggling financially due to layoffs and other economic hardships, and to support this demographic, Citi Bank has launched a COVID-19 Assistance program.
Consumers can apply for various assistance measures including two consecutive monthly minimum payment breaks as well as waiving late fees for those in a period of deferment for personal loans and custom credit lines. For small businesses, on the other hand, Citi Bank is offering waivers on monthly service fees and remote deposit captures fees in addition to penalty waivers for early Certificate of Deposit withdrawals.
The bank encourages its users to request concessions by calling in, however, users with an account that is more than 60-day delinquent may not qualify.
Image Credit: Shutterstock, Cit
Consumers can apply for various assistance measures including two consecutive monthly minimum payment breaks as well as waiving late fees for those in a period of deferment for personal loans and custom credit lines. For small businesses, on the other hand, Citi Bank is offering waivers on monthly service fees and remote deposit captures fees in addition to penalty waivers for early Certificate of Deposit withdrawals.
The bank encourages its users to request concessions by calling in, however, users with an account that is more than 60-day delinquent may not qualify.
Image Credit: Shutterstock, Cit
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