The Philadelphia Business Journal has compiled a list of what financial institutions are doing in the Philly area in response to the coronavirus. Steps include unsecured loans, closing branch lobbies, and waiving fees if necessary.
Bryn Mawr Trust Co. has developed what it calls the BMT COVID-19 Personal Relief Loan, an unsecured loan, which is now available to existing deposit or loan customers. It features a term of one-to-five years, loan amounts of between $2,500 and $25,000 with no collateral required, expedited underwriting and a 5.99% annual percentage rate.
Chase Bank on Wednesday became the first among major U.S. banks to temporarily close branches. Beginning Thursday, it said it will shutter roughly 1,000, or 20%, of its locations.
Firstrust Bank said Wednesday that it has suspended walk-in lobby access at its branches, with drive-thru services available at all locations that have drive-thru windows. Branches without drive-thru windows have lobby access available by appointment only.
Santander Bank said U.S. corporate employees began working from home Monday, save for some who need to work on site. Branches remain open under normal business hours, though it noted that the bank had reverted back to using traditional disinfectant cleaning products rather than the green products it typically uses.