Liberty Bank of Middletown, Connecticut today announced that due to the incredible demand and extraordinary number of applications they received through their unsecured personal loan program made available to existing customers last week, the program well-exceeded the $5 million pool of funds the Bank dedicated to the program.
Therefore, the Bank decided to halt the program effective close of business Friday, April 3.
On March 23, 2020, Liberty Bank unveiled a comprehensive list of effective, immediate and much-needed financial relief opportunities for their existing personal, small business and commercial banking customers facing financial hardships due to the COVID-19 pandemic.
This includes a relief measure offering existing customers the opportunity to apply for unsecured personal loans up to $5,000 with 0% interest repayment, which would be deferred up to six months after the loan was closed.
However, the Bank reported that in only eight business days they received a total of 1,117 requests from existing customers for the unsecured personal loan program, with approvals exceeding the impactful $5 million pool Liberty set aside for it. For example, on Monday, March 30, when the program became effective, Liberty Bank received over 500 new applications in one day.
Due to the program success in helping Liberty customers, the Bank dedicated an additional $2 million through end of day Friday, April 3 to satisfy applications that came in.
Liberty Bank emphasized that all other relief measures they announced on March 23 will continue to be offered to their customers.
“Liberty Bank is here for our customers and we will continue to do everything we can to help them mitigate the financial hardships they may be facing as a result of the COVID-19 pandemic,” said David W. Glidden, President & CEO of Liberty Bank.
“While we would have liked to continue to make this temporary loan relief measure available to customers, given the current environment, it was not feasible as the incredible demand far exceeded the capacity of this program. The great news is we were able to provide financial relief for many customers over a very short period of time and we will continue to work closely with them in other ways that are still available to our customers.”
Liberty Bank is reminding all customers of the relief measures that remain in effect:
Consumer Banking Customers
- Consumer customers may be eligible for certain fee waivers.Call Liberty’s Customer Service Center at 1.888.570.0773 to see how they can help.
- Customers with Liberty Bank credit cards are eligible for financial relief, including fee waivers for late fees, over limit fees and rush card requests. They should contact Cardmember Services at 1.800.558.3424.
- The Bank is waiving penalties for early CD withdrawals for the next 90 days.
- Liberty is reducing the annual percentage rate to 0% for the next 90 days for customers with an Overdraft Line of Credit.
- Customers can request increases in debit card limits and remote deposit check limits. Call Liberty’s Customer Service Center at 1.888.570.0773 to make the request.
Consumer Lending Customers
- Liberty Bank consumer loan customers are eligible for various types of loan payment assistance, including immediate loan payment deferrals. For more information, call Liberty’s experienced customer loan team at 1.800.354.8950 to discuss your options.
Small Business & Commercial Banking Customers
- Liberty Bank small business customers who would like to apply for the Small Business Administration’s (SBA) Paycheck Protection Program should visit liberty-bank.com/SBA for more details.
- Liberty Bank’s small business and commercial banking customers are eligible for various types of loan payment assistance, including but not limited to immediate loan payment deferrals, interest only payments, further credit extensions or other forms of assistance.
Additional Assistance for Customers
- If Liberty customers seek other assistance not listed above, call the Bank’s Customer Service Center at 1.888.570.0773. The Liberty team is ready to take your call and find solutions to fit your needs at this critical time.
Social Distancing & Alternative Ways to Bank with Liberty
- As part of the Bank’s social distancing procedures, Liberty Bank branches will be operating via customer drive-up windows only and all branch lobbies will operate on an appointment basis only until further notice. For a list of Liberty Bank branch locations or to make an in-lobby appointment, please visit: www.liberty-bank.com/locations for locations and branch phone numbers or call the Customer Service Center at 1.888.570.0773.
- As alternatives to visiting a branch, Liberty customers can use or enroll in online banking at www.liberty-bank.com; use or download Liberty’s mobile banking app (the app has a blue background with the Liberty torch in red and white); or call LibertyLine Automated Telephone Banking at 1.800.622.6732.
Tips to Avoid Online Scams, Phishing
- All customers need to be extra vigilant of online scams, phishing and other fraudulent activities that are on the rise due to the coronavirus headlines. The Federal Trade Commission provides valuable tips on how to avoid scams. Visit: www.consumer.ftc.gov.
- Liberty Bank and the FDIC would never call, text or email you requesting your account numbers, online banking login information or Social Security number. Your insured bank deposits are safe. For more information, visit www.fdic.gov/news.
- Customers can also visit Liberty Bank’s website at https://www.liberty-bank.com/privacy-and-security for a list of fraud prevention and protection information.
For further information from Liberty Bank regarding the COVID-19 pandemic and to find links to their other banking options, please visit their website at www.liberty-bank.com/covid-19.
About Liberty Bank
Established in 1825, Liberty Bank is Connecticut’s oldest bank, with $6.0 billion in assets and 60 banking offices throughout the central, eastern, western and shoreline areas of the state. As a full-service financial institution, Liberty offers consumer and commercial banking, home mortgages, insurance, and investment services. Named ‘Top Workplace’ by the Hartford Courant for eight consecutive years, Liberty maintains a longstanding commitment to superior personal service and unparalleled community involvement.