The American Bankers Association (ABA) has launched a spot on their website highlighting the many things banks are doing to benefit customers, employees and communities during the COVID-19 pandemic. Titled “America’s Banks Are Here to Help: The Industry Responds to the Coronavirus”, it is open for banks to submit their initiatives to be listed and will be updated regularly.
We’ve reviewed the entire list and in addition to loan payment deferral/forbearance, deposit fee and penalty waivers and temporary foreclosure suspensions, we have noted that the great majority of banks are:
- Doing regular, preventative deep cleaning/sanitizing and practicing social distancing.
- Providing accommodations for employees to work remotely.
- Encouraging customers to make use of mobile/digital banking, drive-thrus and ATM’s.
- Offering personalized, appointment-based services to those affected.
- Closing lobbies or restricting on-site hours.
- Increasing paid time off for employees to deal with quarantine or child care issues.
- Reminding and urging customers to be extra vigilant to fraud schemes.
- Maintaining and in many cases increasing community and charitable contributions.
In addition to these efforts, many banks have done more unique things, a list of which we have chronicled here.
As a long time marketing partner to many in the financial services industry, d.trio applauds the efforts being put forth by banks to help us all weather the storm. A quote by Bill Hybels says it well; “Storms draw something out of us that calm seas don’t”. We appreciate all that is being done and look forward to better times ahead. Remember, “Every storm runs out of rain, just like every dark night turns into day.” – Gary Allan.