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CIT Announces Community Support for those Affected by COVID-19

March 31, 2020, 09:15 AM
Filed Under: Industry News
Related: CIT, COVID-19

CIT outlined a $1 million community commitment to support those affected by COVID-19. These resources will provide some immediate relief to New York City and L.A. County, the respective headquarters for the company and its bank subsidiary. In addition, it will provide support for several community initiatives across the company's footprint that aim to provide relief to those impacted by the pandemic, with approximately half of the funding supporting nonprofits assisting small businesses in California.

“This is an unprecedented time and one that requires proactive action. We are committed to do our part to support our communities in delivering relief amid the ongoing effects of the pandemic," said Chairwoman and Chief Executive Officer Ellen R. Alemany.

CIT's COVID-19 community efforts include:

  • An immediate grant to the California Community Foundation's COVID-19 L.A. County Response Fund, supporting the impacts of school closures, the increased needs of health clinics and hardship assistance grants for individuals and families in L.A. County.
  • An immediate grant to The New York Community Trust's NYC COVID-19 Response & Impact Fund, supporting the essential healthcare and food insecurity needs in New York City, as well as assisting with protective equipment, cleaning supplies, technology assistance and support for financial hardship.
  • Support for a number of community partners across our footprint that are responding to the developing needs of those impacted by COVID-19, including organizations in California that are focused specifically on small business relief.

Commitment to Customers and Teammates

Over recent weeks, CIT has continued to provide ongoing support to customers amid this unsettling time.

In the OneWest Bank and CIT Bank (formerly Mutual of Omaha Bank) retail franchise, the company is waiving fees for ATMs, overdrafts and early withdrawals on CDs for those customers impacted by COVID-19. Branches remain open on a modified schedule, and the company has implemented advanced cleaning procedures in line with official guidance and social distancing protocols. Managing accounts online and via mobile is also available, and for additional guidance on financial matters, the company offers its free Personal Finance Empowered digital learning modules.

At its national direct bank, the company is waiving fees for ATMs, overdrafts and early withdrawals on CDs, as well as working to increase the daily ATM withdrawal limits for those needing access to funds as a result of COVID-19. Banking online and via mobile is also available.

Mortgage and small business customers that are impacted by COVID-19 and are in need of assistance are encouraged to reach out to the company to discuss options.

CIT has also taken a number of steps to prioritize the safety and well-being of its team such as enabling remote working for the vast majority of employees, implementing rotational and reduced density work plans when needed, and enacting social distancing practices. The company is also providing enhanced pay plans for teammates performing essential banking services in support of customers during this period.

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