Join the Cleveland Scene Press Club. Because No News is Bad News.

Friday, March 27, 2020

KeyBank Instituting Moratorium on Foreclosures, Will Defer Payments During COVID-19 Outbreak

Posted By on Fri, Mar 27, 2020 at 2:52 PM

A rendering of KeyBank's signage at Progressive field, to remind us of baseball.
  • A rendering of KeyBank's signage at Progressive field, to remind us of baseball.
Cuyahoga County Executive Armond Budish said Friday that in a conversation with KeyBank this morning, he was told that Key would be instituting a moratorium on foreclosures. Budish said he hoped other regional banks would follow suit.

Key confirmed when asked by Scene, saying that it was not only suspending foreclosures, but was allowing existing customers to defer payments for 90 days on mortgages and home equity lines of credit upon request.



The bank is also allowing customers to defer payments on student loans, auto loans, small business loans and credit card payments for 90 days and is waiving late and overdraft fees and suspending the repossession of vehicles.

As a further measure to assist individuals experiencing economic hardship during the crisis, Key will offer what it's calling "temporary assistance loans," short-term, unsecured loans of up to $5,000 with a low interest rate and the potential for same-day approval.

"We are trying to do a lot more, including philanthropic dollars and investments focusing on protecting critical, front line organizations and small businesses," said Don Graves, Key's Head of Corporate Responsibility and Community Relations.

He noted, on that front, that Key was one of the lead investors in the Cleveland Rapid Response Fund, which today issued its first round of grants. But he said that, like other institutions, Key was adapting its policy in response to a rapidly evolving situation.

"Don’t be surprised if this changes as the circumstances change relative to the pandemic," he said.

***
Sign up for Scene's weekly newsletters to get the latest on Cleveland news, things to do and places to eat delivered right to your inbox.

Tags: , , , , , , , ,

Cleveland Scene works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Cleveland and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Cleveland's true free press free.

Comments

Showing 1-1 of 1

Add a comment

 
Subscribe to this thread:
Showing 1-1 of 1

Add a comment

Newsletters

Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Calendar

© 2020 Cleveland Scene: 737 Bolivar Rd., Suite 4100, Cleveland, OH 44115, (216) 241-7550
Logos and trademarks on this site are property of their respective owners.


Website powered by Foundation