COVID-19 and Debt Relief: What to do now. What to do next.

Tue, 21 Jan 2020

We’re all still feeling the shock of the COVID-19 outbreak. Everyone is wondering: How do we move forward? Webster can help you gain control of your finances now, and plan for the long term.

What to do right now

Check out the financial relief programs Webster is offering. Across the industry, banks are modifying terms and payment schedules to help their customers during this crisis.

At Webster, we already have in place a range of options that may relieve the immediate financial pressure. We’re here to help—as we have been for 85 years, through good times and bad.

Webster has:

  • Increased, individualized daily Webster debit card spending limits

  • Waived penalties for early CD withdrawals up to $25,000

  • Waived deposit service fees (after review of account and triggering event is anomaly and pandemic-hardship)

  • Increased, individualized remote deposit limits

  • Provided options for payment deferrals on mortgages, home equity or personal loans, and small business loans, based on need

  • Placed a 90-day foreclosure moratorium on Webster residential loans

  • Implemented Small Business Administration (SBA) applications for qualified businesses:

Refinance to lower your monthly payments

With interest rates now at historic lows, you may have the option to refinance your mortgage or consolidate your debts at a significantly lower rate. Remember that banks can usually offer better rates than you’ll find online, especially if you have a relationship with the bank.

How to get back on track

While COVID-19 has disrupted things in the short term, it shouldn’t change your crucial long-term goals, including planning for college or retirement. Now is a great time to review those goals in light of the challenges ahead.

The key right now is to find a workable balance between debt reduction and savings—so those long-term goals don’t get shortchanged. That means rethinking your budget.

Getting your debt in line and keeping your savings on track are two reasons to be proactive while rates are in your favor. The long-term result: You get closer to your most important goals.

One conversation can get you started

You don’t need to leave your home to get help from Webster Bank. By phone or online, a Webster banker can review your situation and guide you to the best solutions.

Contact your local Webster Banker or call our Customer Care Center 24/7 at 800-325-2424.

Webster bankers are ready to help you get control over your finances and plan for your future.

The opinions and views in this blog post are those of the authors, and are not intended to provide specific advice or recommendations for any individual. All loans are subject to the normal credit approval process.
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Webster Bank, N.A. Member FDIC. Equal Housing Lender.
© 2020 All rights reserved. Webster Financial Corporation.



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