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Fifth Third Bank plans a number of immediate moves to ease the financial burden on small business and consumers hit by the coronavirus pandemic.
For small businesses, the Cincinnati, Ohio-based Fifth Third — the market leader in West Michigan — announced Wednesday night that it would offer payment deferrals for up to 90 days with no late fees as well as “a range of loan modification options.” The bank also is waiving all fees on Fifth Third Capital loans that offer borrowers unsecured lines of credit and term loans from $10,000 to $100,000.
Customers need to contact their bank to participate in the programs.
“Fifth Third’s focus on helping customers improve their lives and building stronger communities is more relevant than ever during these times of uncertainty,” Fifth Third Bancorp President and CEO Greg Carmichael said in a statement. “We take our role and responsibility seriously to understand and put our customers’ needs first. We are continually evaluating our programs to assist our customers.
“Our goal is to stand with our customers to help them and our communities get back on their feet.”
Fifth Third also will:
- • Offer payment deferral on vehicle loans for up to 90 days and no late fees during the deferral period.
- • Offer a payment deferral on credit cards for up to three payments and no late fees during the deferral period.
- • Offer a 90-day payment forbearance with no late fees on mortgage and home equity loans.
- • Waive fees for up to 90 days for a range of consumer and small business deposit products and services.
- • Suspend initiating new repossession actions on vehicles for 60 days.
- • Suspend all foreclosure activity on homes for 60 days.
Likewise, Grand Rapids-based Lake Michigan Credit Union today said in an email to customers that it would waive fees for borrowers who skip a payment on auto, boat, RV, 4-wheeler, personal watercraft, snowmobile, or unsecured term loans; increase credit card limits for anyone with an LMCU Visa card; and offer special relief loans.