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 to defer payments or make partial payments until they’re reinstated with back pay. We’ve also empowered our branches and contact center to waive maintenance and non-sufficient funds fees on deposit/checking accounts for 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
Business banking
- We’re having conversations with every customer impacted by the shutdown to evaluate their options. We’re continuing 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 financing to 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).
Commercial banking
- We’re actively reaching out to let our impacted customers know we are here to support them and that we’ll work with them on available options. Some of those options include interim loan modifications, interest-only payments, and/or fee waivers to supplement any loss of operating revenue caused by the shutdown.
