Fintechs Are Zeroing in on Everything Big Banks Aren’t

My north star(s) for philosophy, management, and politics are Star Wars, The Sopranos, and Game of Thrones, respectively. The Iron Bank (GoT) is a metaphor for today’s financial institutions, if present-day banks didn’t need bailouts or to invent fake accounts to juice compensation. Regardless, it was well known throughout Braavos that The Iron Bank will have its due.

If you failed to repay, they’d fund your enemies. So today’s Iron Bankers are the venture capitalists funding (any) incumbents’ enemies. If this makes VCs sound interesting/cool, don’t trust your instincts.

Lately, I’ve spent a decent amount of time on the phone with my bank in an attempt to get a home equity line, as I want to load up on Dogecoin. (Note: kidding.) (Note: mostly.) If Opendoor and Zillow can use algorithms and Google Maps to get an offer on my house in 24 hours, why does it take my bank — which underwrote the original mortgage — so much longer?

How ripe a sector is for disruption is a function of several factors. One (relatively) easy proxy is the delta between price increases and inflation, and if the innovation in the sector justifies the delta. Think of the $200 cable bill, or a $5.6 million 60-second Super Bowl spot, as canaries in the ad-supported media coal mine.

Another, easier (and more fun) indicator of ripeness is the eighties test. Put yourself smack dab in the center of the store/product/service, close your eyes, spin around three times, open your eyes, and ask if you’d know within 5 seconds that you were not in 1985. Theaters, grocery stores, gas stations, dry cleaners, university classes, doctor’s offices, and banks still feel as if you could run into Ally Sheedy or The Bangles.

It’s hard to imagine an industry more ripe for disruption than the business of money.

Let’s start with this: 25% of U.S. households are either unbanked or underbanked. Half of the nation’s unbanked households say they don’t have enough money to meet the minimum balance requirements. 34% say bank fees are too high. And, if you’re trying to get a mortgage, you’d better hope the house isn’t cheap.

Inequity is a breeding ground for disruption, leaving underserved markets for insurgents to seize and launch an attack on incumbents from below. We have good reason to believe that’s happening in banking.

Insurgents

A herd of unicorns is at the stable door, looking to trample Wells Fargo and Chase. Fintech is responsible for roughly one in five (17%) of the world’s unicorns, more than any other sector. In addition, there are already several megalodons worth more than financial institutions that have spent generations building (mis)trust.

How did this happen? The fintechs are zeroing in on everything big banks aren’t.

Example #1: Innovation. Over the past five years, PayPal has issued 26x more patents than Goldman Sachs.

Example #2: Cost-cutting. “Neobanks” offer the basic services of a bank, with one less expensive and cumbersome feature: the branch. A traditional bank branch needs $50 million in deposits to generate an adequate return. Yet nearly half (48%) of branches in the U.S. are below that threshold. Neobanks don’t have that problem, and there are now at least 177 of them. Founders frame these offerings as more progressive, less corporate. Dave, a new banking app, offers a Founding Story on its website (illustrated with cartoon bears) about three friends “fed up” with their banking experience, often incurring $38 overdraft fees. Fed up no longer: Dave provides free overdraft protection and has 10 million customers.

Example #3: Less inequity. NYU Professor of Finance Sabrina Howell’s research found fintech lenders gave 18% of PPP loans to Black-owned businesses, while small to medium-sized banks provided just 2%. Among all loans to Black-owned firms, Professor Howell found 54% were from fintech startups. Racial discrimination is the most likely explanation, as lenders faced zero credit risk.

Example #4: Serving the underserved. Unequal access to banking is a global botheration. Almost a third of the world’s adults, 1.7 billion, are unbanked. In Argentina, Colombia, Nigeria, and other countries, more than 50% of adults are unbanked.

But innovation is already on the horizon: Take Argentine fintech Ualá, whose CEO Pierpaolo Barbieri I spoke with on the Pod last week. In just 4 years, more than 3 million people have opened an account with his company — about 9% of the country — and over 25% of 18 to 25-year-olds now have a tarjeta Ualá (online wallet). Ualá recently launched in Mexico, where, as of 2017, only 2.6% of the poorest 40% had a credit card. This is more than an economic issue — it’s a societal issue, as financial inclusion bolsters the middle class and forms a solid base for democracy.

Interest(ed)

Chase savings accounts are offering, no joke, 0.01% interest. Wells Fargo? The same, though if you keep your investment portfolio with Wells, they’ll double that rate to 0.02%. Meanwhile, neobanks including Ally and Chime offer 0.5% — 50 times the competition.

There is also blood in the water for fintech unicorns that have created a debit, vs. credit, generation: The buy-now-pay-later fintech Afterpay has more than 5 million U.S. customers — just two years after launching in the country. As of February, its competitor Affirm has 4.5 million customers.

Unicorns are also coming for payments. The megasaurus in this space is PayPal, which has built the first global payments platform outside the credit card model and is second only to Visa in payment volume and revenue. Square’s Cash app is capturing share, and Apple Cash is also a player, as it’s … Apple.

Square, Apple, and a host of other companies are taking the “partnership” approach, bolting new services onto the existing transaction infrastructure. Square’s little white box is a low-upfront-cost way for a small merchant to accept credit cards. It’s particularly interesting that Apple teamed up with Goldman Sachs instead of a traditional bank. Goldman is looking to get into the consumer space (see Marcus), and Apple is looking to get into the payments space — this alliance could be the unsullied fighting with air cover from dragons. It should make Wells and BofA anxious.

The Big Four credit card system operators (Visa, MasterCard, Discover, and American Express) are still the dominant payment players, and they have deep moats. Their brands are global, their networks robust. Visa can handle 76,000 transactions per second in 160 currencies, and as of this week it had settled $1 billion in cryptocurrency transactions.

Still, even the king of payments sees dead people. In 2020, Visa tried to buy Plaid for $5.3 billion. Plaid currently helps connect existing payments providers (i.e. banks) to finance software such as Quicken and Mint. But it plans to expand from that beachhead into offering a full-fledged payments system. Visa CEO Al Kelly initially described the deal as an “insurance policy” to neutralize a “threat to our important U.S. debit business.” In an encouraging sign that American antitrust authorities are stirring, the Department of Justice filed suit to block the merger, and Visa walked.

Beyond Banking

Fintech is also coming for investing with online trading apps (Robinhood, Webull, Public, and several of the neobanks) and through the crypto side door (Coinbase, Gemini, Binance). Insurance is under threat from companies like Lemonade (home), Ladder (life), and Root (auto).

In sum, fintech is likely as underhyped as space is overhyped. Why? The ROI on your professional efforts and investing are inversely proportional to how sexy the industry/investment is, and fintech is … boring. Except for the immense opportunity and value creation — for multiple stakeholders. “Half the world is unbanked, but we need to colonize Mars,” said no rational investor ever.

Re: investing in fintech: What has, and will always be, a good rap? The guy/gal who owns the bank.

Life is so rich,

By: Scott Galloway

Source: Fintechs Are Zeroing in on Everything Big Banks Aren’t | by Scott Galloway | Jul, 2021 | Marker

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How To Squeeze Yields Up To 6.9% From Blue-Chip Stocks

Closeup of blue poker chip on red felt card table surface with spot light on chip

Preferred stocks are the little-known answer to the dividend question: How do I juice meaningful 5% to 6% yields from my favorite blue-chip stocks? “Common” blue chips stocks usually don’t pay 5% to 6%. Heck, the S&P 500’s current yield, at just 1.3%, is its lowest in decades.

But we can consider the exact same 505 companies in the popular index—names like JPMorgan Chase (JPM), Broadcom (AVGO) and NextEra Energy (NEE)—and find yields from 4.2% to 6.9%. If we’re talking about a million dollar retirement portfolio, this is the difference between $13,000 in annual dividend income and $42,000. Or, better yet, $69,000 per year with my top recommendation.

Most investors don’t know about this easy-to-find “dividend loophole” because most only buy “common” stock. Type AVGO into your brokerage account, and the quote that your machine spits back will be the common variety.

But many companies have another class of shares. This “preferred payout tier” delivers dividends that are far more generous.

Companies sometimes issue preferred stock rather than issuing bonds to raise cash. And these preferred dividends have a few benefits:

  • They receive priority over dividends paid on common shares.
  • Sometimes, preferred dividends are “cumulative”—if any dividends are missed, those dividends still have to be paid out before dividends can be paid to any other shareholders.
  • They’re typically far juicier than the modest dividends paid out on common stock. A company whose commons yield 1% or 2% might still distribute 5% to 7% to preferred shareholders.

But it’s not all gravy.

You’ll sometimes hear investors call preferreds “hybrid” securities. That’s because they act like a part-stock, part-bond holding. The way they resemble bonds is how they trade around a par value over time, so while preferreds can deliver price upside, they don’t tend to deliver much.

No, the point of preferreds is income and safety.

Now, we could go out and buy individual preferreds, but there’s precious little research out there allowing us to make a truly informed decision about any one company’s preferreds. Instead, we’re usually going to be better off buying preferred funds.

But which preferred funds make the cut? Let’s look at some of the most popular options, delivering anywhere between 4.2% to 6.9% at the moment.

Wall Street’s Two Largest Preferred ETFs

I want to start with the iShares Preferred and Income Securities (PFF, 4.2% yield) and Invesco Preferred ETF (PGX, 4.5%). These are the two largest preferred-stock ETFs on the market, collectively accounting for some $27 billion in funds under management.

On the surface, they’re pretty similar in nature. Both invest in a few hundred preferred stocks. Both have a majority of their holdings in the financial sector (PFF 60%, PGX 67%). Both offer affordable fees given their specialty (PFF 0.46%, PGX 0.52%).

There are a few notable differences, however. PGX has a better credit profile, with 54% of its preferreds in BBB-rated (investment-grade debt) and another 38% in BB, the highest level of “junk.” PFF has just 48% in BBB-graded preferreds and 22% in BBs; nearly a quarter of its portfolio isn’t rated.

Also, the Invesco fund spreads around its non-financial allocation to more sectors: utilities, real estate, communication services, consumer discretionary, energy, industrials and materials. Meanwhile, iShares’ PFF only boasts industrial and utility preferreds in addition to its massive financial-sector base.

PGX might have the edge on PFF, but both funds are limited by their plain-vanilla, indexed nature. That’s why, when it comes to preferreds, I typically look to closed-end funds.

Closed-End Preferred Funds

CEFs offer a few perks that allow us to make the most out of this asset class.

For one, most preferred ETFs are indexed, but all preferred CEFs are actively managed. That’s a big advantage in preferred stocks, where skilled pickers can take advantage of deep values and quick changes in the preferred markets, while index funds must simply wait until their next rebalancing to jump in.

Closed-end funds also allow for the use of debt to amplify their investments, both in yield and performance. Should the manager want, CEFs can also use options or other tools to further juice returns.

And they often pay out their fatter dividends every month!

Take John Hancock Preferred Income Fund II (HPF, 6.9% yield), for example. It’s a tighter portfolio than PFF or PGX, at just under 120 holdings from the likes of CenterPoint Energy (CNP), U.S. Cellular (USM) and Wells Fargo (WFC).

Manager discretion means a lot here. That is, HPF doesn’t just invest in preferreds, which are 70% of assets. It also has 22% invested in corporate bonds, another 4% or so in common stock, and trace holdings of foreign stock, U.S. government agency debt and cash. And it has a whopping 32% debt leverage ratio that really helps prop up the yield and provide better returns (though at the cost of a bumpier ride).

You have a similar situation with Flaherty & Crumrine Preferred and Income Securities Fund (FFC, 6.7%).

Here, you’re wading deep into the financial sector at nearly 80% exposure, with decent-sized holdings in utilities (7%) and energy (7%). Credit quality is roughly in between PFF and PGX, with 44% BBB, 37% BB and 19% unrated.

Nonetheless, smart management selection (and a healthy 31% in debt leverage) has led to far better, albeit noisier, returns than its indexed competitors. The Cohen & Steers Select Preferred and Income Fund (PSF, 6.0%) is about as pure a play as you could want in preferreds.

And it’s also a pure performer.

PSF is 100% invested in preferred stock (well, more like 128% if you count debt leverage), and actually breaks out its preferreds into institutionals that trade over-the-counter (83%), retail preferreds that trade on an exchange (16%) and floating-rate preferreds that trade OTC or on exchanges (1%).

Like any other preferred fund, you’re heavily invested in the financial sector at nearly 73%. But you do get geographic diversification, as only a little more than half of PSF’s assets are invested in the U.S. Other well-represented countries include the U.K. (13%), Canada (7%) and France (6%).

What’s not to love?

Brett Owens is chief investment strategist for Contrarian Outlook. For more great income ideas, get your free copy his latest special report: Your Early Retirement Portfolio: 7% Dividends Every Month Forever.

I graduated from Cornell University and soon thereafter left Corporate America permanently at age 26 to co-found two successful SaaS (Software as a Service) companies. Today they serve more than 26,000 business users combined. I took my software profits and started investing in dividend-paying stocks. Today, it’s almost impossible to find good stocks that pay a quality yield. So I employ a contrarian approach to locate high payouts that are available thanks to some sort of broader misjudgment. Renowned billionaire investor Howard Marks called this “second-level thinking.” It’s looking past the consensus belief about an investment to map out a range of probabilities to locate value. It is possible to find secure yields of 6% or more in today’s market – it just requires a second-level mindset.

Source: How To Squeeze Yields Up To 6.9% From Blue-Chip Stocks

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Critics:

A blue chip is stock in a stock corporation (contrasted with non-stock one) with a national reputation for quality, reliability, and the ability to operate profitably in good and bad times. As befits the sometimes high-risk nature of stock picking, the term “blue chip” derives from poker. The simplest sets of poker chips include white, red, and blue chips, with tradition dictating that the blues are highest in value. If a white chip is worth $1, a red is usually worth $5, and a blue $25.

In 19th-century United States, there was enough of a tradition of using blue chips for higher values that “blue chip” in noun and adjective senses signaling high-value chips and high-value property are attested since 1873 and 1894, respectively. This established connotation was first extended to the sense of a blue-chip stock in the 1920s. According to Dow Jones company folklore, this sense extension was coined by Oliver Gingold (an early employee of the company that would become Dow Jones) sometime in the 1920s, when Gingold was standing by the stock ticker at the brokerage firm that later became Merrill Lynch.

Noticing several trades at $200 or $250 a share or more, he said to Lucien Hooper of stock brokerage W.E. Hutton & Co. that he intended to return to the office to “write about these blue-chip stocks”. It has been in use ever since, originally in reference to high-priced stocks, more commonly used today to refer to high-quality stocks.

References:

JP Morgan Chase Launches Its Own Health Business Unit Three Months After Haven Implodes

https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F616249%2Fjpmorgan-branch-courtesy.jpg&w=1200&h=630&op=resize

JPMorgan Chase is staking out its own healthcare venture, after its joint project with Berkshire Hathaway and Amazon failed earlier this year. On Thursday, the financial firm announced the launch of Morgan Health, a business unit focused on improving employer-sponsored healthcare, to be led by Dan Mendelson, founder and former CEO of the Washington, D.C.-based healthcare consultancy Avalere Health.

The move comes a little over three months since the joint venture Haven Health, which also aimed to lower employee healthcare costs and boost quality services, said it would be winding down.

Morgan Health will invest up to $250 million in “promising healthcare solutions” and will also enter into strategic partnerships, the company said. The new division, which will be headquartered in Washington, D.C., will also focus on health equity issues.

“JPMorgan Chase has been focused on improving healthcare for its employees for many years,” Morgan Health CEO Mendelson said in a statement. “We are going to take what we’ve learned and accelerate healthcare innovation in the employer-sponsored healthcare market, partnering with and investing in companies that share our goals, and measuring key health outcomes to show what works.”

Mendelson has a background in both health policy and finance. He was an operating partner at healthtech PE firm Welsh Carson for the past two years and served as the associate director for health in the Office of Management and Budget in the Clinton White House prior to founding Avalere. With 165,000 employees in the United States, JPMorgan Chase provides health insurance to around 285,000 people, including dependents.

Haven was announced with much fanfare in 2018, with billionaire Warren Buffet calling rising employee healthcare costs “a hungry tapeworm on the American economy.” Around half of Americans receive healthcare benefits through their employers, according to the Kaiser Family Foundation. The federal government estimates total national healthcare spending reached $3.8 trillion, or $11,582 per person, in 2019. And health spending continues to outpace inflation, growing 4.6% in 2019.

The implosion of Haven three years later demonstrated how even well-capitalized corporate juggernauts could be thwarted by the complexity of the U.S. healthcare system. “We were fighting a tapeworm in the American economy, and the tapeworm won,” Buffet said at Berkshire’s annual shareholder meeting earlier this month, according to Yahoo Finance.

“Haven was supposed to show how creativity, ingenuity and private sector, entrepreneurship could beat the healthcare sector. And it failed,” David Blumenthal, a physician and president of the healthcare think-tank The Commonwealth Fund, told Forbes in an interview earlier this year.

He said the speculation as to one of the big challenges Haven faced was that each company wanted to make its own choices for its employees, which has been the downfall of many similar coalitions. Amazon has also been making its own big push into the healthcare sector recently with a virtual primary care service called Amazon Care, the launch of its wearable Amazon Halo and its purchase of online pharmacy PillPack for $750 million.

The radical change needed to control healthcare costs requires buy-in on many levels, including some that employees might not be happy about, says Blumenthal. It could mean narrower networks of physicians to choose from or requiring travel for certain surgeries so they take place at top-ranked facilities, as opposed to the comfort of a local community hospital.

But the biggest impediments are structural—the lack of purchasing power for employers and consolidation among health systems, he said. “In the end, controlling costs in almost every other Western country is a responsibility that government assumes,” Blumenthal said. “It’s for precisely this reason that the alternatives are not effective.”

Despite what may be an uphill battle ahead, JPMorgan leadership is giving it another go. “Covid has shed light on both the greatness of our healthcare system and its challenges,” Peter Scher, vice chairman of the company who will be overseeing Morgan Health, said in a statement. “The firm has been investing in developing solutions to address social and economic challenges over the past 10 years. We plan to take what we’ve learned there and apply it to healthcare.”

Follow me on Twitter or LinkedIn. Send me a secure tip.

I am a staff writer at Forbes covering healthcare, with a focus on digital health and new technologies. I was previously a healthcare reporter for POLITICO covering the European Union from Brussels and the New Jersey Statehouse from Trenton. I have also written for the Los Angeles Times and Business Insider. I was a 2019-2020 Knight-Bagehot Fellow in business and economics reporting at Columbia University. Email me at kjennings@forbes.com or find me on Twitter @katiedjennings.

Source: JP Morgan Chase Launches Its Own Health Business Unit Three Months After Haven Implodes

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References

 

“The History of JPMorgan Chase & Co.: 200 Years of Leadership in Banking, company-published booklet, 2008, p. 5. Predecessor to J.P. Morgan & Co. was Drexel, Morgan & Co., est. 1871. Retrieved July 15, 2010. Other predecessors include Dabney, Morgan & Co. and J.S. Morgan & Co” (PDF).

JPMorgan Says Bitcoin Could Surge to $146,000 in Long Term

JPMorgan Chase & Co. sees Bitcoin as a future competitor of gold as an asset class, with the long-term potential to reach $146,000, Bloomberg reports.

Why It Matters: It would be quite the climb for Bitcoin, which rallied to a record $34,000 before retreating a bit on Monday. But it’s a long way off, if anything. Private investment in Bitcoin would have to grow at a multiple of nearly five to match the investment in gold via ETFs or bars and coins.

But a healthy future for Bitcoin depends on its volatility coming down to gold’s level, encouraging more institutional investment.

  • A group of strategists led by Nikolaos Panigirtzoglou said this could be a “multiyear process.”

Key Numbers (From CoinMarketCap):

  1. Bitcoin’s Market Capitalization: $592 Billion
  2. Bitcoin’s Circulating Supply: 18,600,000 Tokens
  3. Bitcoin’s Current Price (9:00 a.m. ET): $31,701.10

As prices continue to improve and volatility appears to stabilize, more institutions and noted investors are getting involved or expressing interest. But a heated debate over Bitcoin remains:

  • “While some argue that the cryptocurrency offers a hedge against dollar weakness and inflation risk in a world awash with fiscal and monetary stimulus, others say retail investors and trend-following quant funds are pumping up an unsustainable bubble.”

The Future, For Now: JPMorgan anticipates headwinds for the digital currency, with indicators “like a buildup of speculative long positions and an increase in investment wallets holding small amounts of Bitcoin showing potential froth.”

Bitcoin rose 1.7% to $31,567 as of 10:31 a.m. in London. The wider Bloomberg Galaxy Crypto Index added 0.9%. On Monday, Bitcoin slid as much as 17%, the biggest drop since March, after breaching $34,000 for the first time over the weekend. The swings are a reminder of the famed volatility of the largest cryptocurrency, whose price has more than quadrupled over the past year.

Bitcoin has the potential to reach $146,000 in the long term as it competes with gold as an asset class, according to JPMorgan Chase & Co. Bitcoin’s market capitalization of around $575 billion would have to rise by 4.6 times — for a theoretical price of $146,000 — to match the total private sector investment in gold via exchange-traded funds or bars and coins, strategists led by Nikolaos Panigirtzoglou wrote in a note. But that outlook depends on the volatility of Bitcoin converging with that of gold to encourage more institutional investment, a process that will take some time, they said.

“A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term,” the strategists wrote Monday. However, “a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process, according to Bloomberg. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.”

More institutions and noted investors, from Paul Tudor Jones to Scott Minerd and Stan Druckenmiller, have either started allocating funds into Bitcoin or have said they’re open to doing so. While some argue that the cryptocurrency offers a hedge against dollar weakness and inflation risk in a world awash with fiscal and monetary stimulus, others say retail investors and trend-following quant funds are pumping up an unsustainable bubble.

For now, JPMorgan sees headwinds for the largest cryptocurrency, with indicators like a buildup of speculative long positions and an increase in investment wallets holding small amounts of Bitcoin showing potential froth. “The valuation and position backdrop has become a lot more challenging for Bitcoin at the beginning of the New Year,” the strategists wrote. “While we cannot exclude the possibility that the current speculative mania will propagate further pushing the Bitcoin price up toward the consensus region of between $50,000-$100,000, we believe that such price levels would prove unsustainable.”

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Yahoo Finance

#bitcoin#gold#bitcoinpricetarget Yahoo Finance’s Dan Roberts weighs in on JPMorgan’s bullish note on bitcoin. For 2020 election results please visit: Election results: https://www.yahoo.com/elections Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life. About Yahoo Finance Premium: With a subscription to Yahoo Finance Premium, get the tools you need to invest with confidence. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more. To learn more about Yahoo Finance Premium please visit: https://yhoo.it/33jXYBp Connect with Yahoo Finance: Get the latest news: https://yhoo.it/2fGu5Bb Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz Follow Cashay.com Follow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV

If You Have a Chase Business Card You Could Earn Up To 50,000 Points on Shipping and Online Advertising Purchases

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Thanks to a new promotion, select Chase business credit cards are offering 5x points on up to $10,000 in combined spending on shipping and advertising purchases made on social media and search engines through the end of October.

Eligible cards include the Ink Business Preferred® Credit Card, the Southwest Rapid Rewards® Performance Business Credit Card, and the United℠ Business Card.
Business owners who are able to max out this promotion with $10,000 in combined spending can earn up to 50,000 points or miles.

See Business Insider’s list of the best credit cards for small businesses »

All Chase business credit cards let you earn some form of rewards, ranging from flexible Chase Ultimate Rewards points to cash back, hotel points, or airline miles. Not only that, but Chase business cards also come with generous bonus offers and coverage that can save you money and protect your purchases.

Related: How to start a real estate business by investing of only 500$

Current Chase business credit card owners will also be happy to know about a new promotion that lets them earn 5x rewards on shipping and advertising purchases made on social media and search engines through October 31.

This promotion applies to up to $10,000 in combined spending in these categories, so you can earn up to 50,000 points or miles. It’s only available for existing cardholders and only applies to select cards, which we’ll outline below.

Which Chase business cards are eligible?

You don’t have to activate your card or do anything to qualify for these bonus points. All you have to do is use your eligible Chase business card for qualifying purchases through October 31, and you’ll see the bonus points post to your account.

Small business owners who are able to max out this promotion with $10,000 in advertising and shipping purchases through the end of October have the potential to earn 50,000 points or miles with the following credit cards:

Ink Business Preferred® Credit Card
Southwest Rapid Rewards® Performance Business Credit Card
Southwest Rapid Rewards® Premier Business Credit Card
United℠ Business Card

This Chase bonus points promotion also applies to the following cards, which are no longer available to new applicants:

Ink Business Plus Card
Southwest Rapid Rewards Plus Business Credit Card
United Club Business Card

If you already have one of these Chase credit cards, you stand to earn up to 50,000 bonus points on social media advertising and shipping if you can max out this promotion with $10,000 in combined spending in these categories through the end of October.

If you don’t have a business credit card but you’re considering signing up for one, make sure to consider all the top options before you apply………

Read more: Business Insider

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JPMorgan Chase Positively Wades Into Crypto After Years of Hate

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The financial services giant and bank JPMorgan Chase & Co have seemingly reversed on a long-held stance, that crypto is bad, by beginning to service U.S. cryptoasset exchanges Gemini and Coinbase.

JPMorgan’s apparent reversal comes after years of institutionalized disdain for crypto, with the bank’s CEO Jamie Dimon being a vociferous critic circa 2017. According to Bloomberg, JPMorgan had been conducting due diligence on the exchanges “for months” before making the move. The bank’s adoption of crypto signals what can only be a highly regulated crypto-fiat landscape.

During 2019, JPMorgan had in fact started to visibly thaw on the subject of crypto, even experimenting with their own distributed ledger tech in the form of the so-called “JPM Coin”.

Dimon displayed during an interview his awareness of the competition posed by crypto, directing his people to assume that crypto and/or Fintech was “coming […] to eat your lunch.” Despite this, he was bearish on the prospect of Facebook’s Libra project succeeding or even launching, saying in October 2019 that it would “never happen”.

PMorgan’s publically traded stock has fallen recently, retreating from all-time-highs set in December 2019 in February, even before the coronavirus pandemic started to wreck the markets in March. It is down about 37% from those highs, trading now at about $87.

By: Colin Muller

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List Of Banks Offering Relief To Customers Affected By Coronavirus (COVID-19)

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As both COVID-19 and the closings designed to slow its path continue having their effects across the country and across the U.S. economy, consumers are rightly concerned about the impact on their financial lives. Now, as states and municipalities begin to implement reopening strategies, much is still unknown.

Editor’s note: An alphabetical list of individual banks’ and credit unions’ relief programs appears after these introductory sections.

FDIC, NCUA Offer Guidance to Banks and Credit Unions

As early as March 9, the FDIC encouraged financial institutions to help meet the needs of those customers and members affected by the coronavirus. This assistance may include, for example, waiving fees on late or missed credit card or loan payments, waiving early withdrawal penalties for out-of-work savers who need access to money locked up in CDs, or offering affected borrowers the ability to defer or skip making loan payments for a finite period of time.

The FDIC has since added to its website consumers’ frequently asked questions about the impact of COVID-19 on their banking relationships. The website was last updated on April 28.

Similarly, the National Credit Union Administration, which protects all federal (and most state) credit union deposits, is encouraging credit unions to assist affected members by allowing them to defer or skip some payments, extending payment due dates and waiving late fees and out-of-network ATM fees. Credit unions also are encouraged “to use responsible small-dollar lending” to help individual and small business members during this crisis. The NCUA addresses credit union members’ frequently asked questions.

Banks and Credit Unions Respond to Consumers’ Needs

Over the past weeks, financial institutions including retail banks and credit unions have been putting their response plans in place and refining them as situations change. Here’s how some banks and credit unions are offering relief to customers affected by the coronavirus. Bookmark this post and come back for regular updates.

The policies of each institution will vary. Whenever an offer includes the option to defer or skip a payment, it’s important to understand how and when the missed payments will be made up after any forbearance period ends. For example, one lender may offer to add the missed payment(s) onto the end of the loan, while another lender may require the missed payment(s) to be made up as soon as payments resume.

The Consumer Financial Protection Bureau also maintains a resource page—available in six languages—to help consumers protect their finances during the COVID-19 crisis.

(For current public health guidance specific to COVID-19, more commonly known as the coronavirus, follow the CDC COVID-19 home page.)

Read more: Your Money And Coronavirus: A Financial Protection Guide

Ally

On March 18, Ally shared measures it will implement to offer relief to those experiencing financial hardship due to the coronavirus pandemic.

Here’s how the bank is offering assistance:

  • Ally is waiving all fees related to expedited checks and debit cards, overdrafts and excessive transactions on savings and money market accounts until July 18, 2020.
  • Auto loan payments can be deferred for up to 120 days. Referral requests for deferral of up to 120 days can be made online. No late fees will be charged, but finance charges will accrue. After payments resume, the contract will be extended by the number of months payment was deferred.
  • Home loan payments for existing customers can be deferred for up to 120 days. No late fees will be charged, but interest will accrue. For payment assistance, customers are encouraged to apply via their Ally account online, in order to avoid long call wait times at 866-401-4742.

Ally is strongly encouraging customers to utilize its online self-service access and the Ally mobile apps, to avoid longer call wait times. Customers can continue to transfer money and make payments online as usual. For depositing checks of $50,000 or less, it’s faster to deposit them online via the mobile app than to submit by mail.

With most Ally associates working from home during this “unprecedented situation,” Ally asks for customers’ understanding if customers hear an occasional child or pet in the background while on a call with the bank.

For more information and updates, visit Ally’s coronavirus help page.

Bank of America

On March 12, Bank of America emailed information to Forbes about potential measures it was ready to take in response to the coronavirus:

“We continue monitoring the developments of coronavirus and are always prepared to support our clients facing financial hardship or loss of income due to illness. All employees who work directly with our clients are trained to identify and assist impacted clients and provide the right support to address their unique personal needs. As part of our regular practice, we offer assistance to qualifying consumer and small business clients facing hardships, including forbearance with certain fees.”

Bank of America customers who need help making credit card, vehicle or home loan payments now can apply for a payment deferral online. A video has been added to the bank’s coronavirus help page (linked below) to explain the additional assistance the bank is offering to clients and small businesses, which now have their own coronavirus help resource. The small business page provides important updates to the Paycheck Protection Program (PPP).

On March 19, Bank of America announced additional support that will be provided, working on a case-by-case basis, including:

  • For consumer and small business deposit accounts, clients can request refunds of overdraft, insufficient funds and monthly maintenance fees.
  • Clients can request to defer payments and refunds of late fees on their small business loans.
  • On auto loans, personal loans, mortgages and home equity loans, clients can request deferral of payment, with those payments added to the end of the loan. So long as clients are up to date, no negative credit bureau reporting will be made.

Clients facing financial hardships related to the coronavirus are encouraged to visit Bank of America’s coronavirus help page and contact the client services team.

BBVA USA

As stated at BBVA’s website, “Should you experience unfortunate hardship as a result of COVID-19, we want to help you.”

The bank has established an online portal to receive applications from customers requesting a deferral or extension of payment on a real estate loan, personal loan, auto loan, credit card or small business loan.

Available upon request, for consumers and small business customers are: waived ATM fees and refunds of ATM fees charged by other banks/networks; penalty-free CD withdrawals for CDs opened prior to March 1; and refunds of overdraft fees.

In addition, small business owners can request temporary waivers of the monthly deposit account service charge and of monthly maintenance fees for the desktop remote deposit capture service. BBVA has temporarily closed its Paycheck Protection Program (PPP) loan application portal while it assesses available funding.

Customers can call 844-BBVA-USA (844-228-2872) to ask questions or to speak with a telephone banking agent, with the caveat that call wait times will be longer. Transacting online or via mobile banking is likely more convenient, and customers can contact their individual bankers and branches directly.

For more information and updates, visit BBVA’s coronavirus help page.

BCU

Serving nearly 250,000 members in the U.S. and Puerto Rico, Illinois-based BCU recommends that members continue to rely on online banking and the mobile app to access their accounts at any time, find the nearest ATM, deposit checks, transfer funds, pay bills or connect with a live representative, as desired.

Specific to checking, savings and certificate accounts, members whose finances have been affected by COVID-19 can increase the limit on remote check deposits and can reverse recent fees including ATM and NSF fees, Courtesy Pay service charges and early or excessive withdrawal penalties.

Emergency loan assistance payment relief includes Skip One Loan Payment or a loan extension for up to 90 days on existing BCU loans and credit cards. Income Disruption Loans of up to $2,500 are offered with no payments and no interest for the first 90 days.

To discuss relief on existing student loans, call 800-723-2210. For non-urgent mortgage assistance, there is an online form; members also may call 888-789-1512 (first mortgages) or 847-932-8182 (home equity loans or second mortgages).

For business account members, BCU is offering payment relief on existing BCU business loans and credit cards, including loan deferral/forbearance for up to 90 days. BCU is accepting Paycheck Protection Program (PPP) applications from small businesses that joined the credit union prior to April 3, 2020.

BCU also is holding one-on-one appointments with members, making well-check calls and hosting virtual workshops to help members through and beyond the current crisis. For more information and updates, visit BCU’s coronavirus help page.

Capital One

In an email to customers on March 12, Capital One encouraged them to access their accounts with the bank’s digital banking tools, including online and app access.

Customers facing financial difficulties due to the coronavirus are urged to contact the bank directly through one of its many customer support lines. At its website, Capital One encourages customers who may be impacted or need assistance to reach out so that the bank can help find a solution. (Capital One Cafés remain closed at this time.)

Capital One tells Forbes that all customers will be eligible for assistance, which will vary on the type of product they have and their individual needs. Examples of assistance include:

  • Minimum payment assistance
  • Deferred loan assistance
  • Fee suppression

On April 5, Capital One added resources to its website that address individual customer assistance, fraud prevention and travel cancellations. A new business customers’ page provides guidance specific to the Paycheck Protection Program (PPP).

For more information and updates, visit Capital One’s coronavirus help page.

Chase

Chase says it will “continue to adapt” to the changing coronavirus situation. Effective March 19, Chase temporarily closed approximately 20% of its branches to help ensure the safety of customers and employees. In addition to its nearly 4,000 branches that remain open, Chase encourages customers to utilize the tools available on the Chase mobile app and at chase.com.

Individuals who are affected by COVID-19 and need help with their accounts are encouraged to call the number on the back of their credit or debit card, or on the back of their monthly statement.

As of March 23, Chase provided additional details. Specific to mortgages, as one example, the bank advises customers who are able to continue making their mortgage payments to do so. Customers who need help with their mortgage payments can call 800-848-9380 or sign in and send a secure message.

A separate page on the website provides small business owners with a variety of resources, including information on contingency planning, a business resilience checklist, and links to the Small Business Administration’s Economic Injury Disaster Loan program. As of May 3, Chase is not currently accepting new applications to the Paycheck Protection Program (PPP), but may consider doing so in the future, depending on the availability of funds.

For more information and updates, visit Chase’s coronavirus help page.

CIT

As was true before the COVID-19 crisis, CIT continues to give its customers the ability to manage their accounts and account information online, including scheduling and making transfers to and from internal and external accounts, viewing and downloading statements and account activity, and managing account alerts.

CIT customers can access their accounts online or through the mobile app 24/7 or send secure emails from the online banking portal for account assistance. Specific to the current crisis, CIT invites customers to contact CIT to discuss options such as waiving of fees for ATM use, for overdrafts and for early withdrawals from CDs.

Direct bank customers are invited to call 855-462-2652 (within U.S.) or 626-535-8964 (toll call, outside U.S.), Mon–Fri 9 a.m.–9 p.m. ET and Sat 10 a.m.–6 p.m. ET.

For mortgage customers who have been impacted by COVID-19, CIT has suspended foreclosures and evictions and is offering forbearance plans, in accordance with guidance. Mortgage customers can call 800-781-7399, Mon–Fri, 9 a.m.–8 p.m. ET.

For its existing business clients, CIT is processing applications already received for the Paycheck Protection Program (PPP); new applications are not being accepted at this time.

For more information and updates, visit CIT’s coronavirus help page.

Citi

As Citi’s U.S. Consumer Bank CEO Anand Selva states, “We stand with our customers at this difficult time and will continue to do our part to support the individuals and communities impacted.”

On April 7, Citi announced enhancements to the assistance that had been effective March 9 for an initial 30 days and was then extended to May 8, 2020. The types of assistance available upon request include:

  • Waivers on safe deposit box fees, non-Citi ATM usage fees, monthly service fees and penalty fees for early certificate of deposit withdrawals.
  • For eligible credit cardholders, waivers on late fees and deferral of minimum payments for two months.
  • For small business customers, waivers on monthly service fees, remote deposit capture fees and penalty fees for early certificate of deposit withdrawals. Citi also participates in the Paycheck Protection Program (PPP). Small business bankers are available after hours and on weekends.
  • Citi’s mortgage sub-servicer Cenlar FSB is offering 90-day forbearance for Citi’s mortgage loans. In addition, foreclosures and evictions have been paused for 60 days. For questions, customers should contact Cenlar directly at 1-855-839-6253 or visit the Cenlar website.

To receive instant account information, Citi customers are encouraged to use either the Citi website or the Citi mobile app to check balances, make payments, transfer funds, deposit checks or locate nearby ATMs.

For more information and updates, visit Citi’s coronavirus help page.

Consumers Credit Union

Consumers Credit Union states the situation clearly: “Over the past few weeks, the growing concern of the Coronavirus (COVID-19) has all of our attention.” Consumers is monitoring the situation closely and has worked with its staff to help provide a safe environment for both members and staff members.

As of March 20, Consumers’ service center locations are operating for drive-through service only and are open Mon–Fri, 8 a.m.–6 p.m. and Sat 8 a.m.–2 p.m. Both mobile and online banking services are available 24/7 as usual.

Members who seek additional support to arrange loan or credit card payments are invited to call 877.ASK.CCCU (877.275.2228). Members who are concerned about the recent volatile financial markets can speak with a Consumers Financial Group advisor either online or by phone until the Consumers services centers are reopened; see Consumers’ coronavirus help page (linked below) for a link to CFG information.

To help members address cash flow concerns specific to the coronavirus, Consumers’ Credit Union is offering members the opportunity to skip their next monthly qualified loan payment at no charge. For those who take advantage of this Skip-A-Pay option, the deferred payment will be added to the end of the current loan contract; specific terms are provided here.

For more information and updates, visit Consumers Credit Union’s coronavirus help page.

Discover

Discover’s coronavirus help page says there is “support in place” for qualified Discover customers who experience hardship as a result of the outbreak, and provides contact phone numbers for credit card, online banking, personal loan, home loan and student loan customers. Several of the provided FAQs address the government stimulus payments and issues specific to student loans.

Online banking customers can reach out to Discover’s 100% U.S.-based Customer Service team for help by calling 800-347-7000 (TTY/TDD 800-347-7454) at any time.

Discover encourages customers to use the Discover mobile app to view transactions, check balances, access funds, make payments and manage rewards.

For more information and updates, visit Discover’s coronavirus help page.

Fifth Third Bank

Fifth Third Bank has provided more information specific to its plan for helping customers during COVID-19. Customers are invited to bank anytime, anywhere via either the mobile app or online. Temporarily, branches are open by appointment only, with drive-through service available for simple transactions.

As now stated at the website: “Special policies are in place to help address COVID-19-related hardship related to auto loans, credit card balances and loans secured by real estate. You will need to contact us to participate in these relief efforts.” The hardship assistance request form can be accessed via Fifth Third’s online banking system. Representatives area available by phone at 877-366-5520, Mon–Fri, 8 a.m.–5 p.m. ET; the anticipated high call demand may make wait times longer.

The available relief includes, for example, payment deferrals of up to 90 days with no late fees during the deferral period on vehicle payments and waiving of the monthly payment requirement on consumer credits cards for up to 90 days with no late fees. The mortgage and home equity program offers up to 180-day payment forbearance with no late fees. Repossession activity on vehicles and foreclosure activity on homes is suspended for the next 60 days. Select banking fees also are being waived.

For more information and updates, visit Fifth Third Bank’s coronavirus help page.

HSBC USA

To help protect the health and safety of both its customers and employees, HSBC Bank USA has closed a number of branch locations until further notice to follow the CDC’s guidelines to limit person-to-person contact.

Bank relationship managers are available to discuss available assistance programs. Customers who have been impacted by the coronavirus and need support are invited to chat online or to call HSBC at 866-949-2351.

A variety of assistance is being offered. For personal and business deposit accounts, this includes: waivers of ATM, overdraft or unavailable funds and monthly maintenance fees. CD early withdrawal penalties can be waived if the funds are needed due to COVID-19 hardship.

For personal loans, credit cards and lines of credit, it’s possible to defer or reduce payments during the hardship, and HSBC is waiving cash advance, insufficient funds, overdraft protection and late fees for 60 days. For business credit cards, lines of credit and term loans, payments can be deferred or reduced and late fees will be waived.

For mortgage and home equity loans, available hardship assistance includes deferrals, reductions and late fee waivers; HSBC also will prevent negative credit reporting.

For more information and updates, visit HSBC’s coronavirus help page.

Huntington

Huntington National Bank has announced immediate financial relief measures for customers—both individuals and small business owners—affected by the coronavirus.

Banking customers with a financial hardship related to family illness or workplace closures due to COVID-19 can contact the bank for more information about its Consumer Payment Deferral Program, which offers a payment deferral for up to 90 days with no credit bureau impact. Assistance is available for payments in the following categories: homeowner, personal credit line, auto loan, consumer loan, credit card and debit card. Contact phone numbers are provided on Huntington’s coronavirus help page (linked below).

Beginning in March 2020, Huntington is suspending charging late fees on consumer loan payments (through the end of May), will not initiate new repossession actions relating to Huntington-financed vehicles, RVs or marine craft (through the end of May) and will suspend foreclosure actions on residential properties (through the end of May). Possible extensions of these programs will be considered.

Huntington worked directly with the governor’s offices to facilitate the SBA disaster declaration that qualifies Ohio small businesses for Economic Injury Disaster loans. Small business owner customers who experience a financial hardship related to family illness or workplace closures due to COVID-19 should contact Huntington to receive up to 90 days of payment deferral on all small business loans or to discuss needs-based business credit card payment deferrals. Beginning in March 2020, Huntington is suspending charging late fees on business credit card payments and business loan payments through the end of May; these programs may be extended.

For more information and updates, visit Huntington’s coronavirus help page, which has been updated specific to business banking resources now available under the CARES Act.

Marcus by Goldman Sachs

On its website, Marcus by Goldman Sachs states: “Rest assured that your ability to transfer money in and out of Marcus, make and schedule loan payments, and access your funds and account details at any time, remains unchanged,” and that customers can save time, 24/7, by accessing their accounts at marcus.com or on the Marcus app.

For now, Marcus by Goldman Sachs is operating its contact centers virtually. The temporary hours of operation are Mon–Fri, 9 a.m.–8 p.m. ET and Sat–Sun, 9 a.m.–6 p.m. ET. Customers can call 844-MARCUS-6 (844-627-2876) and may expect to experience unusually long hold times.

For those impacted financially by COVID-19, customers with personal loans through Marcus by Goldman Sachs can postpone payments on their loans for one month with no interest charged during the deferral, and their loan terms will be extended by one month. For customers who need access to funds currently held in certificates of deposit prior to maturity, Marcus is waiving CD early withdrawal penalties.

For more information and updates, visit Marcus by Goldman Sachs’ coronavirus help page.

Navy Federal Credit Union

Navy Federal Credit Union provides assistance to its members 24/7 via its mobile app and online banking tools. Members can request a credit card limit increase, apply for a Pandemic Relief Loan or request mortgage loan forbearance. Members are invited to call 800-336-3767 for deferments on credit cards, auto loans or personal loans and for loan extensions. Overdraft protection, fee-free transfers and penalty-free certificate withdrawals also are being offered.

The Student Loan Center is available Mon–Fri, 8 a.m.–8 p.m. ET, at 877-304-9302.

For eligible members, Navy Federal can temporarily suspend mortgage payments for a set period of time. To request this forbearance, members are asked to send a secure message online to avoid increased call volumes and wait times; phone assistance is available at 800-258-5948.

Small business owner members are invited to contact Navy Federal Business Solutions at 877-418-1462 to discuss specific small business relief options.

To support the safety of its members and staff, some Navy Federal Credit Union branches are operating on reduced hours and some are temporarily closed.

For more information, visit Navy Federal’s coronavirus help page, including its pandemic relief FAQs.

PNC Bank

As of March 27, PNC Bank has greatly enhanced its information available online specific to the coronavirus, adding content and contact information that addresses consumer customers, small business clients, corporate and institutional clients, branch and ATM availability and bank from home services. The site also provides scam and fraud alerts and offers market and economy insights.

To receive the fastest response time, PNC encourages customers to contact the bank online to discuss hardship postponement of payments for a period of time, on auto loans, unsecured installment loans or lines of credit, credit cards, mortgages, home equity loans or lines of credit and student loans. PNC has an online form to make it easier to communicate with the bank, where customers can describe their hardship and have the form routed to the right PNC team member. The website also provides contact numbers for customers who prefer to phone in their requests.

Small business clients have access to a variety of programs that address loan, lines of credit, credit card and merchant services assistance. There is an online Loan Hardship Request Form. For deposit account assistance, call 877-BUS-BNKG (287-2654). PNC is not currently accepting new applications to the Paycheck Protection Program (PPP).

Effective March 20, PNC has made temporary adjustments to its retail branch network that include operating primarily via drive-up only (except branches that do not have drive-up), and PNC estimates that three quarters of its branch network will remain open. Open branches are operating on reduced hours and offering designated days for “essential appointments,” such as safe deposit box access, loan closings or other in-person services.

For more information and updates, visit PNC’s coronavirus help page.

Santander

At its website, Santander Bank reminds its customers of the convenience of transacting via its mobile banking app, online banking, automated services via phone and extensive ATM network. As of March 23, some Santander branch services are limited or closed, while other branches are providing full service.

For consumer banking customers, available relief options include temporary payment suspension, refunding late payment and overdraft fees, suspending mortgage and home equity line of credit foreclosures, waiving CD early withdrawal penalties and outgoing wire fees, and offering credit card limit increases. Retail banking customers who experience financial hardship due to COVID-19 are invited to contact the bank at 844-728-0999.

For its existing small business clients, Santander is offering a number of relief options, including extensions and payment deferral accommodations. Business banking customers who need assistance are invited to contact the bank at 877-768-1145 or their Santander relationship manager.

For more information and updates, visit Santander’s coronavirus help page.

State Employees’ Credit Union

State Employees’ Credit Union (SECU) branches are open, yet are serving drive-through customers only. SECU’s ATM network, website, mobile app, member services support center and voice response service all are available to members during these challenging times.

The online and digital resources will provide faster access. The 24/7 Member Services Support Center, available at 888-732-8562, is experiencing higher call volumes between 10 a.m. and 8 p.m. daily. By using the ASK SECU Voice Response Service, at 919-839-5400, members can verify account balances, transfer funds between credit union accounts and verify any recent or pending transaction history.

Members who need in-person services, such as to access a safe deposit box, can call their branch to schedule an appointment.

Specific to loan assistance, SECU has programs for eligible members who may seek either a new loan or a payment extension on an existing SECU mortgage, auto, credit card or unsecured personal loan. Members are invited to contact the credit union sooner than later to learn what options may be available, by sending a secure message through member services, calling their local branch or calling 24/7 member services.

For more information and helpful links, visit SECU’s coronavirus help page.

TD Bank

In order to better accommodate older customers and those most at risk for COVID-19, TD Bank has designated the first hour of its full-service store operations and customer appointment bookings for serving those clients.

In addition to some store closures that were previously announced, stores that are remaining open are operating on reduced hours. Customers who need to visit a store are encouraged to use the drive-through or to schedule an appointment in advance; safe deposit access also is available by appointment.

TD Bank is offering various types of financial relief through the TD Cares program to customers who have been impacted by COVID-19. An online link to request financial relief is now available on the bank’s coronavirus help page (linked below).

For customers who have a TD personal loan, auto loan, mortgage, home equity loan or line of credit, TD Fit Loan or TD Bank, N.A. Visa credit card, the bank can help with deferment of payments and waiving certain late payment fees.

Small business customers are invited to contact their relationship manager or a store manager, or to submit an request online. Available relief options include: refunds on monthly maintenance fees for business deposit accounts, deferment of payments on small business loans and lines of credit, refunds on transaction fees such as overdraft and non-TD ATM fees, waivers of certain fees for Merchant Solutions Customers and early access to business certificates of deposit with no early withdrawal penalties.

Any customer affected financially by COVID-19 can call TD Bank at 888-751-9000.

For more information and updates, visit TD Bank’s coronavirus help page.

TIAA Bank

For consumer banking clients, through May 2020, TIAA Bank is waiving fees for ATM transactions, wire transfers, insufficient funds and late credit card payments. The bank also is increasing limits on debit and cash withdrawals, and allowing eligible credit card customers to skip a monthly payment without penalty.

TIAA Bank encourages clients to complete transactions online or via the mobile app, to avoid longer wait times to speak with call center staff (for example, banking clients can call 888-882-3837, seven days a week, 8 a.m.–11 p.m. ET).

For mortgage clients who experience financial hardship due to COVID-19—whether due to their own illness, a loss of work or caregiving responsibilities for an ill family member—temporary payment forbearance may be available. TIAA Bank would pause the monthly mortgage payment for a specific period of time, and payments would be made up at a later date. To apply, there is an online form.

For any client who has a home loan in process, there may be small delays in the loan process, during which the client will receive frequent updates. Also, rate locks on refinance loans will automatically be extended from 60 to 90 days.

Business banking and small business clients are invited to call 866-371-3831, opt. 5, Mon–Fri, 8 a.m.–5 p.m. ET, to discuss assistance that may be available, including fee waivers for business deposit accounts and loan payment assistance. (TIAA Bank is offering Paycheck Protection Program (PPP) loans to certain qualifying TIAA Bank small business and nonprofit banking clients.)

For more information and updates, visit TIAA Bank’s coronavirus help page.

Truist

Truist (formerly BB&T and SunTrust banks) says it’s closely monitoring the information available from the CDC and the World Health Organization specific to COVID-19, to ensure the bank is “acting on the latest information and guidance.”

Truist encourages both BB&T and SunTrust clients to bank from home using the available online, mobile and telephone banking options. Effective March 21, most branches will remain open with modified service, including ATMs, drive-through and safe deposit access in the branch by appointment only.

To save customers time, the Truist coronavirus help page (linked below) has been updated to include the option of applying online to defer payments on a credit card, personal loan, auto loan or home equity line of credit. The bank also is temporarily waiving ATM surcharge fees to help consumers and businesses access cash.

Detailed information is also available for its mortgage loan customers—both those with existing mortgages and those with loans in process.

Customers in need of assistance also can reach out to the following numbers, for which Truist warns that hold times are much longer than normal:

  • Heritage BB&T clients: 800-226-5228
  • Heritage SunTrust clients: 877-820-2103

For more information and updates, visit Truist’s coronavirus help page.

U.S. Bank

U.S. Bank is encouraging customers to utilize its digital banking features, including its mobile app, online banking or banking by phone. Effective March 19, U.S. Bank has temporarily reduced its hours of operation in all branches and is encouraging the use of drive-up services rather than lobby services.

Any U.S. Bank customer who has been financially impacted by COVID-19 and needs immediate help is invited to call the U.S. Bank assistance line at 888-287-7817.

At its website, U.S. Bank is adding details to the ways in which it may be able to assist its customers—both personal banking and small business.

Mobile check deposit limits have been raised for personal banking customers, to accommodate their increased need to bank from home. U.S. Bank is offering reduced pricing on certain smaller personal loans and a Visa card with a 0% intro APR on purchases and balance transfer for 20 billing cycles.

A separate section of the website addresses mortgage help and repayment options.

U.S. Bank is currently processing Paycheck Protection Program (PPP) applications that have already been submitted. To assist its small business customers, the bank has temporarily reduced rates on business loans and lines of credit and is temporarily waiving the fee for businesses to receive money digitally from their customers with Zelle.

For more information and updates, visit U.S. Bank’s coronavirus help page.

Wells Fargo

Wells Fargo customers experiencing hardship from the coronavirus can call 800-219-9739 to speak with a trained specialist about their options. According to a March 20 release:

“Wells Fargo is suspending residential property foreclosure sales, evictions and involuntary automobile repossessions. The company also is offering fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact the company.”

CEO Charlie Sharf stated, “At Wells Fargo, we are committed to providing you the financial access, guidance and support you need so you can focus on your well-being and your loved ones.”

Wells Fargo has temporarily closed some branches and adjusted other branches’ operating hours. Customers are encouraged to utilize drive-up, rather than lobby, services when possible, and to use the available mobile and online banking tools.

The bank has now posted detailed FAQs specific to mortgages and home equity online. Small business owners also can find information online specific to the Paycheck Protection Program (PPP).

For more information and updates, visit Wells Fargo’s coronavirus help page.

Full coverage and live updates on the Coronavirus

I’m a Personal Finance Reporter for Forbes Advisor. Previously, I covered personal finance at other national web publications including Bankrate and The Penny Hoarder. I’ve been featured as a personal finance expert in outlets like CNBC, Yahoo! Finance, CBS News Radio and more. When I’m not digging up the best ways to manage your money, I’m out traveling the world. Follow me on Twitter at @keywordkelly.

I’m the Banking and Personal Finance Analyst for Forbes Advisor, with an overall goal of helping people make better financial choices. Before joining Forbes, I was an editor, writer, and strategist for clients that provide banking, credit card, insurance, legal, and professional services. When I’m not editing (or singing), you’ll find me here.

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