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Financial institutions aim to help consumers in this unprecedented time

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PANAMA CITY, Fla. (WMBB)– Banks, credit unions, mortgage companies, and others across Florida are doing their part to help consumers during the COVID-19 outbreak.

Chief Financial Officer Jimmy Patronis spoke with more than 60 financial institutions on Thursday about what they are doing to help the public.

“The significance of their adjustments is huge as they are able to absorb a little more time in to the way they handle money it allows everybody to kind of catch their breath,” Patronis said.

The institutions are helping consumers financially through means such as differed payments along with waving fees and penalties.

“If you’ve got 60 payments on your car you’ve still got 60 payments on your car, but you can put them off a little bit,” Patronis said.

Tyndall Federal Credit Union is just one institution making adjustments. The credit union has put several relief options in place such as:

– Waiving fees forcourtesy pay and insufficient funds through April 30th

-Providing personal loans with no payments or interest for 90 days to qualified individuals

-Deferring paymentson consumer loans

-Offering mortgage forbearance options

“We just want to help relieve some of that stress and some of that burden for our members,” Tyndall Federal Credit Union Assistant Vice President of Marketing Becca Bonner said.

The financial relief comes after most institutions have worked to protect their members’ health by only allowing drive thru transactions.

Patronis is also pushing the Federal Trade Commission on what they do when someone’s credit is effected by a late payment.

“We don’t need to destroy somebody’s credit rating simply because they’re unemployed based if circumstances that are out of their control,” Patronis said.

Payment and adjustments vary by institution and consumers are encouraged to contact their financial provider.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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