COVID-19 Hardship Assistance F A Qs

General

I don't want to wait in a phone queue to talk to someone. How can I reach out to discuss my COVID-19 hardship?

If you have been directly impacted by the coronavirus pandemic and need payment assistance, visit our COVID-19 website to complete an online hardship assistance form.

Thank you for completing your form online. You should have received an email in response with a confirmation number acknowledging that your request has been received. Information about additional assistance available to you was included in that email.

An M&T Bank representative may reach out to you to discuss available assistance options in more detail.

A loan modification is a process of restructuring an existing loan’s features (rate and term) in hopes of meeting your affordability needs.

Ultimately, the goal of a modification is to assist in long-term homeownership success. Learn more about loan modifications.

For Mortgage Accounts:

Your automatic payments can be canceled by leveraging one of these methods:

For Other Loans and Lines of Credit Accounts:

You can stop your automatic payments by doing one of the following:

You will need to reactivate your automated payments once you are ready to resume your normal payments. Please contact any third-party bill pay providers to adjust those payments on your own.

You can notify us of your situation and learn about the assistance options that are available to you.

Call Us

  • Mortgage Customers. 1-800-724-1633 (Monday–Thursday 9am–9pm ET, Friday 9am–5pm ET)
  • Loans, Lines of Credit and Credit Card Customers. 1-800-724-2525 (Monday–Thursday 8am–9pm ET, Friday 8am–5pm ET)

Or you can notify us by completing an online hardship assistance form.

Yes. We can accept partial payments. Once enough funds are gathered to make a full payment, they will be applied to your account.

Mortgage Customers:

To make a partial payment, you can choose one of the following:

  • Mail the partial payment with your payment coupon
  • Call us at 1-800-724-2224 from 8:30am – 9pm Monday – Friday to schedule a payment
  • Transfer funds from an M&T checking account

If you are directly impacted by the coronavirus pandemic and need payment assistance, visit our COVID-19 website to complete an online hardship assistance form, or call 1-800-724-1633 to discuss your situation and learn about assistance options that are available to you.

Due to high volumes, wait times may be higher than normal.

Loans, Lines of Credit and Credit Card Customers:

Call 1-800-724-2525 to discuss what your situation is and what assistance options are available.

We're sorry to hear you have been impacted by the recent events and are working to ensure that our customer's needs are met. If you can continue to make your loan payments during this time, you should do so.

It's important we understand your individual situation to help identify the best alternative for you. Please contact us by completing the online hardship assistance form.

Once we're notified of your request for assistance, we may be able to offer:

  • Mortgage Customers: We are currently working with Federal and State Government agencies on options that may be available to you. Most of our direction on alternatives comes from the Federal Government and then FHA, VA, Fannie Mae, Freddie Mac, and USDA set their own guidance about assistance options. M&T also follows applicable State Government directives.
  • Installment and Mobile Home Loan Customers (including Auto, RV, Marine and Personal Loans): an extension of up to 90 days
  • Home Equity Line of Credit (HELOC), Overdraft Line of Credit and Credit Card) Customers: a solution to bring your account current or keep it from going past due

M&T provided the following assistance for all customers on Deposit, Home Equity Line of Credit, Unsecured Line of Credit, Installment Loan, and/or Credit Card account(s).  Customers did not need to take action in order to receive these benefits. 

  • Waived late fees charged or assessed in April and May 2020 for all mortgage accounts
  • Waived late fees charged or assessed in April 2020 for all other consumer lending accounts
  • Suspended credit reporting for any delinquencies on consumer loan accounts in March, April, and May 2020, and credit card accounts in April and May 2020
  • No M&T fee was charged to New York State accounts for using an M&T ATM or a non-M&T ATMs between March 21, 2020 and July 9, 2020. For accounts outside of New York State, no M&T fees was charged for using an M&T ATM or a non-M&T ATM between March 21, 2020 and June 17, 2020.
  • Waived early withdrawal fees on CDs between March 23, 2020 through June 11, 2020 for personal and business banking customers

Customers who were financially impacted by COVID-19 and requested hardship assistance may have qualified for the following additional assistance options, including:

  • A refund of insufficient funds (NSF) and/or overdraft fees between March 24, 2020 through July 9, 2020
  • Waived late fees charged or assessed between March 24, 2020 through July 9, 2020 for Home Equity Lines of Credit, Unsecured Lines of Credit, Installment Loans, and/or Credit Card account(s)
  • Options to bring the accounts current or extend due date

For any questions related to the expired hardship assistance options, please call us at 1-800-724-2440.

Late fees previously assessed and not yet paid or waived will continue to remain on the account. 
Late fees previously assessed and not yet paid or waived will continue to remain on the account. 
If your account is actively under bankruptcy protections, we will report in accordance to existing bankruptcy guidelines.
Fees may be charged by the ATM operator at non-M&T ATMs.
​Penalty may still apply if the withdrawal consists of funds deposited in the previous 6 days or if another withdrawal was made in the previous 6 days.
Late fees previously assessed and not yet paid or waived will continue to remain on the account. 
If you have a Personal, Auto, RV, or Marine Loan (Installment Loan) your loan term will be extended by at least the term of the deferral period. Interest will continue to accrue on your outstanding balance during the deferral period. When you resume making payments after the deferral period, those payments will be applied first to outstanding interest, causing the reduction of principal to be delayed and more interest to be accrued over the life of the loan than if you had not taken the deferral. The loan term may be extended beyond the deferral period to allow you to satisfy the full balance due after the final payment.

Mortgage

If your mortgage is backed by the federal government, including FHA, VA, USDA Fannie Mae or Freddie Mac loans, you have a right to request forbearance for up to 180 days. You also have the right to request an extension for an additional 180 days. 

For non-government backed or private loans, you have a right to request forbearance for up to 90 days. 

Federal and State Government directives and investor/insurer requirements may vary this timeframe. M&T will follow applicable government directives and investor/insurer requirements for your loan.

A mortgage forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage.

We will stay in touch during the assistance period to determine the best next step for your individual situation. If your mortgage is backed by the federal government, including FHA, VA, USDA Fannie Mae or Freddie Mac loans, you have a right to request an extension for up to 180 days.

For non-government backed or private loans, extending additional time to make your payments may be an option

Many programs exist to assist clients with post-forbearance options to resolve unpaid forbearance payments, as well as longer hardships such as a reduction of income. The missed payments must be repaid once the forbearance has ended, but you will not be required to make up all of those payments at one time, immediately at the end of the COVID-19 forbearance period. Instead, we’ll work with you to understand how your temporary hardship is being resolved and to discuss potential repayment options that may meet your individual circumstances, such as:

  • Loan modification. We will work with you to determine if a loan modification/partial claim can assist you. This may include an extension of the term of your loan giving you additional months at the end of your loan to pay the forbearance amount
  • Repayment plan. Over a set number of months, an extra amount will be added to your regular mortgage payment to cover the amount you owe from the forbearance

Note that these options may require additional paperwork submission and approval of the investor/insurer for your loan. Please keep checking back on this site for updates regarding any new options that may become available.

Loans/Lines of Credit/Credit Cards

An extension is an agreement between a borrower and a lender that generally will allow a borrower to miss some payments and add the missed payments to the back end of the loan.

Additional Details:

  • Your loan term will be extended by at least the term of the deferral period
  • Interest will continue to accrue on your outstanding balance during the deferral period
  • When you resume making payments after the deferral period, those payments will be applied first to outstanding interest, causing the reduction of principle to be delayed and more interest to be accrued over the life of the loan than if you had not taken the deferral. The loan term may be extended beyond the deferral period to allow you to satisfy the full balance due after the final payment

Visit our COVID-19 website to complete an online hardship assistance form or call 1-800-724-2525 to discuss what your situation is and what assistance options are available.

Checking & Savings Accounts

We're sorry to hear you have been impacted by the recent events and are working to ensure that our customer's needs are met. Please call us at 1-800-724-2440\ (Monday–Friday 6am–9pm ET, Saturday and Sunday 9am–3pm ET) to discuss your situation. 

Student Loans

If you require hardship assistance during this time, please reach out to the servicer on your statement. M&T Bank Student Loan servicers are below:

To find out if your Direct and FFEL Program loans are owned by U.S. Department of Education, please visit StudentAid.gov/login.

After you log in with your FSA ID, you will be on your StudentAid.gov dashboard. If you click on “view details,” you will be taken to your Aid Summary. If you scroll down on this page, you will see a section called “Loan Breakdown.” In your Loan Breakdown, if you see a servicer name that starts with “DEPT OF ED,” that servicer is for a loan that is owned by U.S. Department of Education.

Under the CARES Act, most student loans owned by the US Department of Education have their payments suspended between March 13, 2020 and September 30, 2020, with no penalty, and interest won't accrue during this time.

Learn more about federally backed student loans.

Please note that federally backed student loans owned by M&T are not subject to the CARES Act. Please reach out to your servicer to see what options may be available if you are experiencing a hardship.

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