PROVIDENCE – From reducing branch hours to deferring loan payments, banks across the state and the country are changing practices and policies in response to the new coronavirus, according to recent news releases and interviews with Providence Business News.
These are among the major internal and external policies local banks and those with area locations have adopted:
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Branch lobbies: Some banks have closed all branch lobbies and are directing customers to use drive-through lanes, ATMs, and online and mobile-based services, including The Washington Trust Co. Others, including Bank Rhode Island, Centreville Bank, JPMorgan Chase & Co., Bank of America Corp. and Webster Bank, are keeping some branches open but with limited hours and/or only by appointment. Individual policies vary by bank and continue to be updated.
Flexible service options: Banks have also announced ways to reduce financial pressure on customers, including options for deferred payments on loans and mortgages, pausing foreclosure sales and eviction notices, and refunds for overdraft and maintenance fees. Policies vary by financial institution, but the Rhode Island Bankers Association and Cooperative Credit Union Association urge customers to contact their individual banks and credit unions for specific policies.
Community investment: Banks are stepping up their charitable contributions to local and national nonprofits and funds designed to help people hurt by COVID-19. They include donations to the Rhode Island COVID-19 Response Fund, set up by United Way of Rhode Island and the Rhode Island Foundation, from The Washington Trust Co. and Centreville Bank; a donation to Feeding America Partners from Webster Bank; and donations to several existing Rhode Island nonprofit partners by JPMorgan Chase & Co.
Remote work: In adherence with state and federal guidelines to limit crowds and practice social distancing, banks have transitioned to remote work for all or most workers who do not work directly with consumers. Some banks have also developed rotating schedules for workers still needed on-site to minimize contact and spread of infection.
The Federal Deposit Insurance Corp. has also developed a list of banker guidelines and answers to frequently asked questions for consumers on its website.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
