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Banks ready for coronavirus emergency

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The Maryland Bankers Association (MBA) is urging customers to take an active role in contacting their bank if they have concerns and/or are experiencing a financial hardship due to the health emergency caused by coronavirus, known as COVID-19.

Maryland banks are proactively working with individual customers and business clients whose personal or business income are disrupted as a result of this emergency. Just as is the case with natural disasters or the 2019 federal government shutdown, banking regulators and bankers work together to help customers; helping and serving our customers is something banks are set up to do and they are doing during this unsettling time.

Customers should contact their banks immediately if they have concerns about making a mortgage or other loan payment or maintaining their business expenses – such as payroll. Banks in Maryland are working with their customers on a case-by-case basis to fashion solutions that best meet individual needs which may include fee waivers; loan modifications, payment deadline extensions, payroll advances, emergency lines of credit as well as other assistance. Banks are also continuing to stay informed about programs offered through the Small Business Administration and other government entities.

“The Maryland banking industry’s first priority is to serve their customers,” said Kathleen Murphy, President and CEO Maryland Bankers Association (MBA). “Banks use a variety of methods to help customers on a case-by-case basis, as individual financial needs and circumstances vary. We strongly encourage customers to contact their banks today if they are impacted by the coronavirus health emergency and have financial concerns. We are in this together and banks are here to help.”

 

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