KeyBank is offering several steps to support customers facing economic hardship because of the coronavirus pandemic.
"KeyBank's purpose is to help our clients, our employees, and our communities thrive. That is true in good times and in challenging times," said Chris Gorman, president and COO. "We are already seeing the economic impact of COVID-19 across our communities. KeyBank is well positioned to be part of the solution. We urge our clients who are facing financial difficulty to contact us so we can find the best solution."
Consumer Relief: KeyBank will offer a payment deferral of principal and interest for up to 90 days upon request. Mortgages, home equity, student, auto, lines of credit and credit card can be considered. There will be no negative reporting to credit bureaus. Interest will continue to accrue during deferral. Contact your local branch.
Small Business Relief: Lower borrowing costs, including the option to defer payments for 90 days, will be offered.
KeyBank already is offering a shorter-term unsecured personal loan up to $5,000.
The KeyBank Foundation also announced this week an initial $1 million commitment to communities it serves. These funds will be in addition to a 2 for 1 match for employee gifts up to $2,000 made between March 1 and April 30.