Update on Customer and Community Support in Response to COVID-19
Amalgamated Bank’s primary concern during the COVID-19 pandemic is for the health and wellbeing of the Company’s employees, customers, and communities. Amalgamated Bank is committed to providing support to those who are affected by the unprecedented challenges that the country is facing. Fortunately, Amalgamated was well prepared to weather the storm through our 2019 actions of de-risking the balance sheet and improving the quality of the investment portfolio.
Updates on Amalgamated Bank’s Response to the COVID-19 Pandemic:
- Employee Health and Well-being: Keeping our employees safe and healthy is our paramount concern. More than 92% of all employees are currently in a work from home status. Like other companies, Amalgamated has enacted a strict ban on all business travel. We are also ensuring that our employees will be paid and continue to have the health benefits they need. This includes paid sick leave and access to an Employee Assistance Program.
- Branches: All but two branches are closed in NYC, with the open locations practicing social distancing. The Washington DC branch is open 9:00 am to 4:00 pm Monday through Friday. The San Francisco branch is closed until further notice. We are in the process of redirecting our personnel so that they can proactively reach out to customers to help them during this time.
- Customer Communications: All customers have been notified of our COVID-19 response. The Bank has built a priority communication hub for all clients to provide up-to-date information and resources.
- Online & Mobile Banking 1: All customers have been encouraged to continue conducting their business online and to reach out to the customer care team with questions. ATMs are in service and the online banking portals are adequately handling the volume of transactions.
- Consumer and Mortgage Customer Support*: In line with government guidelines, our plan is to
- Waive Certificate of Deposit (CD) Early Withdrawal Penalties2
- Waive overdraft item paid — fee charged for paid item against insufficient or uncollected funds** (not applicable to Online Checking account), $34.00
- Waive insufficient funds fee (NSF) — returned item fee charged for insufficient or uncollected funds**, $34.00†3NSF fees
- Provide a 90 day foreclosure moratorium and payment deferrals for those in need
- Working with existing clients in the nonprofit, union, philanthropy, and social impact segments to determine their credit needs and to provide assistance where possible.
- Philanthropic Giving: We’re continuing and expanding the charitable giving of the Amalgamated Foundation. We are also hoping to launch a rapid response fund that directly addresses the economic crisis facing those workers who are struggling during this time.
- Buy Backs: Amalgamated has done a modest amount of buybacks over time and will discontinue buybacks for the foreseeable future
Amalgamated Bank was founded nearly one hundred years ago as a bank for working class people, with a mission to make a positive difference in the world. The values that guided us then are the same values that will guide our bank through this challenging time. As this situation evolves, Amalgamated will continue to dedicate every necessary resource to ensure our employees and customers are supported – and that we are doing our part to help our communities weather this storm.
* Effective for 90 days beginning March 23rdrd.
** The fee applies to a maximum of five (5) items (paid or returned) per day, per account.
† $25.00 for accounts opened in the San Francisco office.
1 Your mobile carrier’s message and data rates may apply.
2 CD Early Withdrawal Penalties cannot be waived for CDs that are withdrawn less than seven (7) days after opening of such CD.
3 $10.00 fee for the checking product named “Online Checking.”