Citigroup Inc. is introducing additional financial relief measures for customers negatively impacted by the novel coronavirus pandemic.
Citigroup in early March announced fee waivers for Citibank's retail bank customers, hardship programs and additional small-business support. Those measures included fee waivers on monthly service fees and waived penalties on early withdrawals from certificates of deposit for retail customers and small businesses and small-business bankers available after hours and on weekends for support for an initial 30-day period. These measures are now extended through May 8.
Additionally, Citigroup is now waiving safe deposit box fees and non-Citi ATM usage fees for retail banks and late fees on credit cards. Credit card customers can defer minimum payments for two months, and the bank will report accounts as current to credit bureaus during the waiver period unless the account was delinquent prior to the waiver period.
Citigroup also noted its various collection forbearance programs for credit cards. Its mortgage subservicer, Cenlar FSB, is offering 90-day forbearance for Citi's mortgage loans for borrowers experiencing hardship. Foreclosures and evictions have been paused for 60 days. For student loans, Citi is providing forbearance programs through its subservicer, Firstmark.