New Jersey Bankers Association confident system will serve customers

The New Jersey Bankers Association said in a press release it is confident in the banking system and the resiliency of the economy. The association said New Jersey’s banks are safe and ready to help their customers during this trying time.

According to a press release, customers faced with distress should contact their bank if they have concerns or are experiencing a financial hardship due to the health crisis caused by the coronavirus.

Banks in New Jersey are working with their customers to develop solutions that best meet each individual’s needs, according to the press release.

“Our banks are well positioned to assist our customers during this trying time” said John E. McWeeney Jr., president and CEO of NJBankers.

After surveying members, the association said it is confident its industry is providing the following services on a case by case basis including but not limited to:

•           Residential loan forbearance for 90 days;

•           Short-term business lending facilities;

•           Short-term commercial real estate facilities;

•           Principal and interest deferral for affected businesses for 90 days;

•           Waiving overdraft, early CD withdrawal, and sweep fees;

•           Increased cash available at ATM;

•           Increased lines of credit;

•           Restaurants and other public accommodations – 90 days principal and interest deferral and additional working capital;

•           Assisting with SBA disaster relief loans;

•           Small business grants;

•           Large philanthropic donations.

Many New Jersey bank locations have closed their lobby and will meet with customers by appointment only, according to the press release. Individuals should contact their bank or visit their bank’s website if they have any questions about banking services.