Citizens Bank announces financial protections for customers during coronavirus

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Citizens Bank has introduced the People First Financial Protection Program, a comprehensive set of measures designed to help bank customers to mitigate the financial negative impacts of the coronavirus (COVID-19) pandemic, the bank said in a statement.

“Just like you, we at Citizens Bank continue to follow the news about COVID-19,” said Phil Baldwin, Citizens Bank CEO. “We understand you have financial concerns and may be facing serious financial hardships in your business or with your family. As a result, Citizens Bank is taking extensive steps to protect you, our employees and our communities.”

The People First Financial Protection Program provides relief measures for small business loans, home loans, emergency cash loans, and personal loans, while charging no late fees on loans covered by the program. It is available to Citizens Bank customers for the term of the COVID-19 crisis or through June 30, 2020, whichever comes first.

Program terms are subject to certain eligibility requirements, customers’ specific circumstances, and are subject to change without notice, the statement read.

To enroll in the program or to obtain additional information, access the Citizens Bank website at thecitizensbank.net/Covid-19-Help, or call the bank at (844) 350-8512.

The People First Financial Protection Program addresses:

Small Business Loans – Citizens Bank loan officers will work with you to customize loan payments to what your business needs, and can provide a wide range of payment options, including payment deferrals for up to one year, interest-only payments and variable payment timing. The bank will waive late charge fees on small business loans during the term of the People First Financial Protection Program.

“We are very experienced with all forms of government programs and can help you pick the right program for you and your business through the Small Business Administration and United States Treasury Department Assistance Programs,” Baldwin said.

Home Loans – Citizens Bank will help customers who have lost their job, been laid-off, or are experiencing other forms of income interruption because of COVID-19. The bank will provide payment deferrals up to 90 days and will waive late charge fees on mortgage loans during the term of the People First Financial Protection Program.

“Citizens Bank promises your family’s home is protected,” Baldwin said. “We will not foreclose on your home loan if you are enrolled in the People First Financial Protection Program during the term of this program.”

Emergency Cash Loans – Citizens Bank will provide emergency cash loans up to $1,000 to customers who have lost their jobs, been laid-off or are experiencing another form of income interruption.

Personal Loans – Customers who currently have a personal loan at Citizens Bank and have enrolled in the People First Financial Protection Program, we will defer your loan payment up to 90 days.

“We will not repossess your car during the term of the People First Financial Protection Program,” Baldwin said.

Bank Fees Waived – Citizens Bank will provide penalty-free withdrawals from Certificates of Deposit and will waive other deposit account fees based on your needs. Your cash on deposit with us is yours and is available to you anytime you need it without any fees or penalties.

“We stand with you. We will help you,” Baldwin said. “We will overcome these challenges together.”

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