finance news

Citizens Bank to donate $5 million to contain COVID-19 pandemic

Citizens Bank to donate $5 million to contain COVID-19 pandemic
Citizens Bank to donate $5 million to contain COVID-19 pandemic
  • The initiatives will allow bank users ‘credit cards to allot all or part of their cash rewards to the recovery and relief fund

Citizens bank is poised to donate $5 million to underpin communities and businesses grappling with the pandemic of coronavirus. The funds will be utilized for a slew of broad-based community support initiatives across the bank’s service area and specialized programs emphasizing small businesses and their manpower.

Chairman and CEO of Citizens Financial Group Bruce Van Saun stated that they would leave no stone unturned and would serve communities and neighbors at the time when coronavirus has been plaguing people globally. He also went on to add that the initiative would help them address community needs and prove instrumental to small businesses to come back on track.

According to sources, the bank may implement initiatives which will leverage colleagues and customers to extend their support. The initiatives will allow users of the bank’s credit cards to allot all or part of their cash rewards to the recovery and relief fund. Going forward, Citizens may introduce a mechanism which will help open doors for customers, colleagues to donate.

Apparently, Citizens also did away with programmatic restrictions on 2020 funding to non-profit partners to contain COVID-19. The CEO also highlighted that the short term repercussion of the coronavirus pandemic will provide a challenge, providing banks an opportunity to take the initiative and play an invaluable role in boosting economic stability of communities.

According to reliable sources, the bank is looking to explore how it can aid customers in late fees, payment terms, service charge rebates and no-penalty access to CDs. When it comes to small business customers, the bank is allegedly aiding customers in facets such as late fees, SBA disaster assistance, payment terms for business owners in a slew of states.

Source credit:

https://finance.yahoo.com/news/citizens-announces-5-million-commitment-212200428.htm

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Bhushan Tambe

A qualified computer graduate, Bhushan Tambe always nurtured a passion for words. Post his education, he decided to transform his penchant of penning down poetry and stories into a full-time career. Presently, Bhushan writes numerous articles for cuereport.com and a few other websites, on subjects spanning business, finance, and the like.