Some financial institutions in its response to providing support for customers, especially those most affected by the impacts of the novel coronavirus (COVID-19), has drafted specialised measures to cushion possible effects.

According to the National Commercial Bank (NCB), it understands that customers, in the wake of this unplanned health crisis, will need access to money as well as have assurances of their financial well-being.

“We are committed to guiding customers through these challenging times, and are working to make accessing financial services as easy as possible,” the bank’s chief executive officer (CEO), Septimus “Bob” Blake, said in a release on Monday.

The bank has noted the temporary waiver on some services provided for members to aid with penalty interest for late loan payments, breakage fees for fixed deposits, partial withdrawal fees for insurance policies and late payment fees for credit cards (which will also apply to credit card balances generated from April 5 – 26).

In addition, the bank has said that it will be allowing personal customers the opportunity to request a payment holiday on unsecured auto and mortgage loan facilities.

“We have approved a pay advance facility for over 100,000 customers, a one-month loan facility to help customers with urgent cash flow needs. We will waive the loan fee for first-time pay advance customers. They can check to see if they have been pre-approved for the facility by visiting loans.jncb.com and clicking ‘check offer’, “ the release informed.

http://www.jamaicaobserver.com/business-observer/banks-step-up-to-assist-customers-impacted-by-covid-19_189906