CLEVELAND, March 25, 2020 /PRNewswire/ -- KeyBank today
is detailing several steps it has taken to help support its clients
facing economic hardship due to the spread of COVID-19. In addition
to financial programs already in place, KeyBank announced it will
defer payment for at least 90 days for clients facing economic
hardship due to the spread of COVID-19.
- Package includes a payment deferral plan for clients facing
economic hardship
- Support for our employees, including a childcare
reimbursement
- KeyBank Foundation announces initial community support
plan
- Temporary closure of certain branches to keep teammates and
clients safe
As part of its comprehensive response to the impact of COVID-19,
the KeyBank Foundation also announced several steps it will take to
support and augment employee donations and volunteer efforts. This
includes an initial $1 million
commitment to support vulnerable individuals, small businesses, and
neighborhoods.
"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 Chief Operating Officer. "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."
Supporting Our Clients:
- Consumer Relief: For borrowers experiencing hardship
related to COVID-19, KeyBank will offer a payment deferral for up
to 90 days upon request. All consumer credit products such as
mortgage, home equity, student, auto, lines of credit and credit
card can be considered for this relief. The deferral will include
both principal and interest payments for 90 days, upon client
request. There will be no negative reporting to credit bureaus.
Interest will continue to accrue during deferral. Clients can
contact their local branch or 1-800-KEY2YOU (539-2968). TDDY
1-800-539-8336
- Small Business Relief: KeyBank has expertise on
government programs and a variety of solutions that will lower
borrowing costs for small businesses including the option to defer
payments for 90 days. Business owners affected by COVID-19 are
asked to contact their relationship manager or 1-888-KEY4BIZ
(539-4249) to discuss relief options for their business.
- In addition, last week KeyBank announced the launch of a
resource for existing clients designed to provide a sense of
security – a shorter-term unsecured personal loan up to
$5,000. KeyBank's new Temporary
Assistance Loan is designed to feature same day approval, next
day funding, with very low rates. Full details on this new loan
will be available this week at Key.com/coronavirus.
- KeyBank has been recognized as SBA's 9th largest
lender for 2019. We have a variety of solutions for our small
business clients designed to help improve their business. Look to
us to provide personalized comprehensive options with flexible
terms and competitive interest rates.*
These programs are designed to assist clients who are facing
economic hardship due to the spread of COVID-19 and the measures
taken to contain it. They augment existing KeyBank programs,
including possible forbearance or extension, waived fees (late or
overdraft) or waived penalties for early CD withdrawal. Key
will also pause on new repossessions of vehicles as well as
residential property foreclosures, unless required by federal or
government agency. More information about these programs is
available at Key.com/coronavirus.
Supporting Our Employees:
KeyBank recognizes that many of our teammates are facing their
own challenges and hardships from the virus and the efforts to halt
its spread. We have implemented a range of measures aimed at
supporting our employees. These include offering flexible
work arrangements, additional paid leave in the event an employee
is ill or needs to care for an ill loved one, as well as premium
pay opportunities and a childcare reimbursement, for those
employees who must report to their worksite to fulfill their
duties. Key is also covering the cost of testing for the
virus and is waiving all copays and deductibles related to virtual
and Telehealth doctor visits or consultations.
Supporting Our Communities:
The KeyBank Foundation also announced today an initial
$1 million commitment to communities
across the bank's footprint. These funds will be in addition to a
2:1 match for employee gifts up to $2000 made between March
1, 2020 and April 30, 2020.
The KeyBank Foundation also committed to shifting resources to
supporting projects designed to minimize the impact of COVID-19 on
communities' most vulnerable members, small businesses, and
neighborhoods.
"In addition to how KeyBank is supporting clients, philanthropy
will play a critical part in our response to spread of the COVID-19
in our communities," said Elizabeth
Gurney, Director of Philanthropy. "This initial commitment
is just the start. The spread of the COVID-19 is impacting all of
us in all of our communities, especially those in already
vulnerable situations. We must stand up to help protect and support
all members of our community during this crisis."
Branch Locations Update:
KeyBank will move forward with the temporary closing of certain
locations of our branch network, effective Monday, March 30.
Branches that remain open will continue to operate as drive-thru
and appointment only in order to serve our clients' needs. We
also continue to serve our clients 24/7 through online and
mobile. This additional closure will assist us in supporting
efforts to limit the spread of the virus while also protecting the
health and safety of our clients and teammates. It will also
assist us in managing our staffing levels as we will re-deploy
teammates from closed branches to other locations. Details of
which locations offer drive-thru or appointment service can be
found on Key.com/coronavirus.
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back
190 years to Albany, New York.
Headquartered in Cleveland, Ohio,
Key is one of the nation's largest bank-based financial services
companies, with assets of approximately $145.0 billion at December 31, 2019. Key provides deposit, lending,
cash management, and investment services to individuals and
businesses in 15 states under the name KeyBank National Association
through a network of approximately 1,100 branches and more than
1,400 ATMs. Key also provides a broad range of sophisticated
corporate and investment banking products, such as merger and
acquisition advice, public and private debt and equity,
syndications and derivatives to middle market companies in selected
industries throughout the United States under the KeyBanc
Capital Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.© 2020. KeyCorp.
*Note: KeyBank offers Small Business Administration loans in
Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New
Jersey, New Hampshire,
New York, Ohio, Oregon,
Pennsylvania, Utah, Vermont
and Washington. In other
locations, we offer many other types of small business
financing.
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SOURCE KeyCorp