$5 Million Had Been Set Aside To Help Existing Customer
April 3, 2020
Demand has overwhelmed a special $5 million fund set up for existing customers of Liberty Bank affected by the COVID-19 pandemic. That’s despite funneling an additional $2 million into the program.
The Bank decided to halt the program effective close of business Friday, April 3. This program is separate from the SBA program that kicked off today and has itself not been functioning well initially.
Liberty reported that in only eight business days they received a total of 1,117 requests from existing customers for the unsecured personal loan program, with approvals exceeding the impactful $5 million pool Liberty set aside for it. For example, on March 30, when the program became effective, Liberty Bank received over 500 new applications in one day.
Due to the program success in helping Liberty customers, the Bank dedicated an additional $2 million through end of day Friday, April 3 to satisfy applications that came in.
“While we would have liked to continue to make this temporary loan relief measure available to customers, given the current environment, it was not feasible as the incredible demand far exceeded the capacity of this program. The great news is we were able to provide financial relief for many customers over a very short a short period of time and we will continue to work closely with them in other ways that are still available to our customers,” said David W. Glidden, president & CEO of Liberty Bank.
Liberty Bank is reminding all customers of the relief measures that remain in effect:
• Consumer customers may be eligible for certain fee waivers. Call Liberty’s Customer Service Center at 1.888.570.0773 to see how they can help.
• Customers with Liberty Bank credit cards are eligible for financial relief, including fee waivers for late fees, over limit fees and rush card requests. They should contact Cardmember Services at 1.800.558.3424.
• The bank is waiving penalties for early CD withdrawals for the next 90 days.
• Liberty is reducing the annual percentage rate to 0% for the next 90 days for customers with an overdraft line of credit.
• Customers can request increases in debit card limits and remote deposit check limits. Call Liberty’s Customer Service Center at 1.888.570.0773 to make the request.
• Liberty Bank consumer loan customers are eligible for various types of loan payment assistance, including immediate loan payment deferrals. For more information, call Liberty’s customer loan team at 1.800.354.8950 to discuss your options.
• Liberty Bank small business customers who would like to apply for the Small Business Administration’s (SBA) Paycheck Protection Program should visit the bank’s COVID-19 relief web page for more details.
• Liberty Bank’s small business and commercial banking customers are eligible for various types of loan payment assistance, including but not limited to immediate loan payment deferrals, interest only payments, further credit extensions or other forms of assistance.
• If Liberty customers seek other assistance not listed above, call the bank’s customer service center at 1.888.570.0773.
Read more about the Liberty Bank COVID-19 relief program.