ROCKFORD, Ill. (WTVO) — With Illinois “stay-at-home” order now extended through April 30th, many people don’t know when they’ll see another paycheck.
To ease the burden, Illinois Bank and Trust is suspending the collection of certain fees, including monthly fees and ATM fees.
Customers will also be allowed to skip credit card and loan payments through July 1st.
Bank leaders say they want to do what they can to help people save money.
“We think that providing some certainty and clarity and accommodations to our consumers and commercial customers,” said President and CEO Jeff Hultman. “We can at least take that piece of the stress off the table at least for some period of time, while a lot of other stresses continue to confound people over the next several weeks to months.”
Those with auto-pay for credit cards will need to cancel that setting.
Through April 30, 2020
• Monthly maintenance fees associated with consumer checking and savings accounts will be waived. We will waive monthly maintenance fees associated with maintaining minimum balances on consumer checking and savings accounts.
• Foreign ATM fees assessed by ILLINOIS BANK & TRUST will be waived. Customers using other banks’ ATMs will not be assessed fees. Other banks and ATM operators may charge a fee and balance inquiry; withdrawal and international fees may apply.
• CD early redemption fees will not be assessed. Customers who need to redeem a CD early will not be assessed an early redemption fee. We recognize that customers may need access to funds to take care of unexpected expenses or respond to changes caused by the current situation. Customers must contact us to redeem to any CDs.
Through July 1, 2020
• Late fees on all consumer loans will be waived. The late fees on all consumer loans will be automatically waived for customers.
• No payment will be required on consumer credit cards. Most credit card customers will automatically see a $0 minimum due on statements beginning on April 1, 2020. Customers who have auto-payment set up for their credit card account will need to cancel auto-payment for their minimum payment to reflect $0. Customers who cancel auto-payment will see a one month delay in statement changes. To prompt this change, please contact our customer care team at 877.280.1853 if you require assistance.
• Customers may elect payment deferral on consumer installment loans. Consumers may elect to defer all payments on consumer installment loans without penalty. This will not be done automatically for customers. Customers must visit our website and complete the e-form for installment loan deferrals.
• Small businesses can modify their loan. Small business customers may choose to make interest-only payments. They will receive a direct communication advising them how to modify their existing loan.
• Small businesses can skip a payment on their credit card. Most small business credit card customers will automatically see a $0 minimum due on statements beginning on April 1, 2020. Customers who have auto-payment set up for their credit card account will need to cancel auto-payment for their minimum payment to reflect $0. Customers who cancel auto-payment will see a one month delay in statement changes. To prompt this change, please contact our customer care team at 877.280.1853 by email email@example.com if you require assistance
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