Berkshire Bank today announced programs to provide additional financial flexibility to customers who may face financial hardship due to the economic impact of the COVID-19 virus. Effective Wednesday, March 18th for an initial 30-day period, Berkshire Bank is offering the following enhancements to all of its customers:
Retail Banking, |
Consumer Loan and
|Increased daily debit card spending limitsWaived penalties for early CD withdrawals up to $20,000Option to forbear consumer and mortgage loan payments for one to three months|
|Small Business Customers||Increased daily debit card spending limitsWaived penalties for early CD withdrawals up to $20,000Ability to leverage specific options for consideration to forebear their loan|
“We understand that COVID-19 and the necessary precautions we are all taking to prevent its spread have begun to impact members of our community in meaningful ways,” said Richard Marotta, Chief Executive Officer of Berkshire Bank. “In addition to these initial steps to provide our customers financial flexibility, we will continue to explore additional ways to support our customers and neighbors during this difficult time. As a committed member of our community, we understand how essential it is that we all work together at this time.”
Berkshire Bank is actively engaging with partners like the Massachusetts LGBTQ Chamber and the Black Economic Council of MA, among others, to provide funding assistance to small businesses that are most impacted by the financial implications of the pandemic. “We are exploring ways to provide a unique selection of low-interest rate solutions underwritten by our community partners. We intend to set aside $3 million in available capital to support this effort,” said Marotta.
In addition, Berkshire Bank Foundation has earmarked an incremental $500,000 for small business grants to help businesses that do not have the ability to pay. “We look forward to working with the Berkshire Bank Foundation and the Foundation for Business Equity, among others, to make these dollars available to those who need them most in the communities we serve and to sharing more details about these programs in the short term,” said Malia Lazu, Executive Vice President, Chief Experience and Culture Officer of Berkshire Bank.
Berkshire Bank understands there will be situations where customers find themselves or their businesses facing financial difficulties that are unique to them. In those scenarios where hardship is not relieved by the above options, the Bank asks customers to reach out to further discuss how the Bank may be of assistance.
Berkshire Bank customers can connect with the Bank in the following ways:
- Visit your local branch location
- Connect with one of our MyBanker Relationship Managers at https://www.berkshirebank.com/Personal/Services/MyBanker
- Log on to your Online Banking and reach out to us via secure message under the Customer Service option by visiting: https://www.berkshirebank.com/Ask an Expert at https://www.berkshirebank.com/About/Let-Us-Help/Contact-Us/Ask-an-Expert
- Text AMEB1 (26321) for one-time SMS support, when you message AMEB1 with a message you can anticipate a call back to assist you with your specific needs
- Call our Call Center at 800-773-5601