My Credit Union, is doing this, its not much, but what are the banks doing

[turbinetree]

We understand that we're all in the midst of a challenging time. We want you to know that everyone at Clearview is committed to helping ease your financial burden and overall peace of mind.

Clearview is offering the following assistance options to help members affected by the COVID-19 pandemic:

Skip an eligible consumer loan or credit card payment 1 without a fee: Loan payments can be skipped in Online Banking or the Mobile App. To skip a credit card payment, call the number on the back of your card.
AND

The potential to qualify for:

Consumer Loan Payment Assistance: Up to three months of significantly reduced payments on consumer loans and lines of credit 2 including vehicles, signature loans and power lines of credit. Call us at 412-299-6070.
Homeowner Payment Assistance: Maximum of three months deferred payments on home equity loans, home equity lines of credit, and first mortgages. For home equity loans and lines of credit, call us at 412-299-6070. To take advantage of our first mortgage solution, contact your service provider, Midwest Loan Services, at 1-800-262-6574.
Student Loan Payment Assistance: Forbearance periods available for up three months. Contact CU Student Choice at 1-800-723-2210.
As we continue to navigate this crisis, we want you to know we’re here to help you. Our dedication to helping you enjoy a better life is stronger than ever.

[Hoyt]

1. A number of banks are offering payment deferrals on credit cards, mortgages, etc. They don't want

your house, car, etc. So, I'm sure they aren't doing it altruistically. They'd rather defer payments a few months to avoid taking expensive actions and perhaps driving people into bankruptcy.

Here is what one large bank was doing a few days ago:

" . . . . . . Credit card holders concerned about making payments on time can submit an online request for a payment deferral and, if you’re up to date on your accounts, those late payments will not be reported to credit bureaus. XYZ Bank has also paused foreclosures, evictions and repossessions."


I believe all federally backed mortgagees can get up to 12 month deferral of their mortgage payments. You do have to contact the mortgage holder.

[turbinetree]

2. Wado---------------thank you

I am going to do some contacting next week.......................

[marlakay]

3. My credit union doing all that waving

All fees for basically everything, payments by phone free now. Offering help to everyone, branches closed but drive through all has screens with tellers in another location.

[durablend]

4. Only problem

IDK if a "skipped payment" is considered a "missed payment" to the credit bureaus