M&T Bank announced it is taking the following steps to assist people affected by the partial federal shutdown, which has gone on for a record 21 years.
Consumer banking & lending
- Impacted customers will be allowed todefer payments ormake partial payments until they’re reinstated with back pay. We’ve also empowered our branches and contact center towaive maintenance and non-sufficient funds fees on deposit/checking accountsfor impacted customers. If an impacted borrower doesn’t receive back pay after the shutdown or can’t bring the loan current,we will work with them on other available options, like loan modifications or workouts
- We’re havingconversations with every customer impacted by the shutdown to evaluate their options. We’recontinuing to process SBA loan-guarantee applications, so we can move forward quickly once the shutdown ends. For customers who need assistance in the interim, we’re offering support in the form of loan deferrals, interest-only payments, and short-term bridge financingto supplement any loss of operating revenue caused by the shutdown. (M&T is the largest SBA lender in Delaware based on the number of loans).
- We’reactively reaching out to let our impacted customers knowwe are here to support them and that we’ll work with them on available options. Some of those options includeinterim loan modifications, interest-only payments, and/or fee waiversto supplement any loss of operating revenue caused by the shutdown.