Friday, April 3, 2020

Busey Offering Financial Relief Program to Customers

Bank implementing financial aid measures to help those affected by COVID-19

For more than 150 years, Busey Bank has delivered on a promise of trusted customer relationships and community support. Busey's storied history of supporting associates, customers and communities continues in today's fluid, ever-evolving landscape.

COVID-19 is not only impacting our health and safety, it is causing significant economic disruption that may have short- and long-term implications for both individuals and businesses, making Busey's dedicated promise even more important to customers during this time. 

To help alleviate some of the financial hardships customers may face as a result of the pandemic itself or resulting economic impacts the outbreak has caused, Busey launched its Financial Relief Program for customers, effective immediately.

"We are in challenging and unprecedented social and economic environments, and we want to assure customers that Busey is here to assist them, today and in the future." said Robin Elliott, President and CEO at Busey Bank. "Our teams are working diligently to find new and innovative ways to serve and support our customers and communities. This Financial Relief Program is a commitment to our customers as we navigate this unfamiliar territory together."

Busey's Financial Relief Program provides service and support across all the organization's business lines:

  • For consumers and retail customers, for the next six months, Busey is offering waivers of pre-authorized transfer fees to prevent overdrafts; waivers of charge for each pre-authorized transfer over six per monthly statement cycle on consumer/personal savings and money market accounts; and free debit card replacement and express delivery of cards to customers. Other deposit account fee waivers may be available upon request to qualifying customers impacted by the COVID-19 pandemic-like options for overdraft fees and penalty-free early CD withdrawals, among others. (The payment of overdrafts is discretionary; All other account terms remain unchanged).

Customers can contact their local branch to discuss details with associates who are on-hand to provide support.

  • For personal loan and mortgage customers, Busey is offering multiple payment deferral options for qualifying customers with loans' personal, auto, home equity, and more. There will be no credit bureau impact with granted deferrals. Various options will also be available to qualifying Busey mortgage customers including payment relief for up to 12 months and waiver of late fees. In addition to help keep people in their homes, Busey will halt foreclosure sales and evictions of borrowers until at least May 17, 2020.

To request mortgage and personal loan relief, please complete the online form at busey.com/financialreliefprogram. A dedicated hotline is also available to help mortgage and personal loan customers needing support, please call 888.483.6669. Beginning Friday, March 27, associates will be available from 8 a.m. to 6 p.m. CT, Monday - Friday.

  • For commercial clients and small businesses, Busey is offering several options to help through this period of economic disruption. Various six-month modification programs with opt-ins from the customer in 90-day intervals are available, including 90-day interest only and 90-day deferral of term loan payments. SBA program options will also be offered as they become available.

"At Busey, we understand the pressures individuals and businesses are facing and want to offer assistance during these challenging times." Elliott said. "Just as we've always been, Busey is here for our associates, customers and communities through the uncertainties ahead."

With increased cases of coronavirus-related fraud and phishing attacks, in further efforts to protect customer accounts and personal information, Busey announced it is implementing a three-day minimum to process external account transfers. Effective March 27, 2020, funds transferred to and/or from external accounts will not be available for at least three business days to minimize the chance of fraud.

In addition, as Busey continues to maintain physical distancing protocols, customers are also encouraged to manage accounts from the comfort of their home using Busey eBank and mobile banking. Through online banking platforms, customers can safely view balances and transactions, transfer funds, make bill payments, deposit checks and more, 24 hours a day, seven days a week. 

For more details about Busey's Financial Relief Program, including additional information on how to receive benefits available to you, and answers to questions you may have, visit busey.com/financialreliefprogram, contact your local branch or call Busey's Customer Care team, available for assistance Monday - Friday from 7:30 a.m. to 6 p.m. CT and on Saturday from 8 a.m. to 2 p.m. CT. Please dial 800.672.8739 and choose option 2.

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