Guam Banks Join Other Financial Institutions in Offering COVID-19 Relief

In response to the financial hardship already suffered by individuals and business across the nation, the FDIC has encouraged financial institutions to help meet the needs of those customers and members affected by COVID-19, for example, by waiving fees on late or missed credit card or loan payments or offering low interest or deferred payment loans. Several national banks have answered this calling:

List Of National Banks Offering Relief To Customers Affected By Coronavirus (COVID-19) can be found here.

Local banks and banks operating on Guam, including Bank of Guam, Coast360 and Bank of Hawaii, have followed suit by taking measures to assist individuals and businesses in this difficult time. Among other relief measures, Bank of Guam has announced that all customers with personal loans or personal credit cards will have their payments automatically deferred. Coast360 and Bank of Hawaii also offered customers the opportunity to defer loan payments. More information regarding these relief programs can be found at:

Bank of Guam: https://www.bankofguam.com/notice-details.html

Coast360: http://www.coast360fcu.com/covid19

Bank of Hawaii: https://www.boh.com/covid-19-main-page

***March 24 Update***

Community First has joined other local financial institutions in providing loan financial assistance programs and automatically deferring credit card payments for April 2020 for one month. More information regarding Community First’s relief programs can be found at: https://cfirstguam.com/covid-19.html

It is important to note that the situation can change quickly. Calvo Fisher & Jacob’s experienced lawyers are closely monitoring the global threat of COVID-19 in order to provide up-to-date information on this rapidly developing topic.