Pledge includes immediate philanthropic donations to local organizations, along with financial assistance for its customers and community members and other support measures
Release Date: March 27, 2020
Hyannis, MA - As part of its community commitment, in response to the unprecedented situation caused by the coronavirus pandemic, Cape Cod 5 announced today a commitment of $500,000 in philanthropic support to assist those affected by COVID-19 on Cape Cod, the Islands and in Southeastern Massachusetts. This is part of a multi-layered approach the Bank is employing to assist its customers, communities and employees during this time of uncertainty.
The $500,000 philanthropic commitment will go towards local relief efforts, half of which will be disbursed immediately with donations from its Foundation t o the following organizations:
- A total of $125,000 disbursed from its Foundation among 12 local food pantries throughout all the communities the Bank serves to address food insecurity
- $50,000 to the Needy Fund’s Cape & Islands Major Crisis Relief Fund
- $25,000 to the Community Foundation for Nantucket
- $25,000 to Martha’s Vineyard Community Services
- $25,000 to South Shore Community Action Council
“At Cape Cod 5, we recognize the extraordinary nature of this pandemic, and the challenges and hardships it has caused for so many in our region,” said Dorothy Savarese, Chair and CEO of Cape Cod 5. “As a local business and corporate citizen, we are committed to assisting our neighbors in any way we can – and we challenge others do the same. These initial philanthropic donations, as well our community banking initiatives, are intended to help alleviate some of the most emergent and pressing issues facing members of our communities during this time.
“We also acknowledge that recovery may be prolonged, and feel it is prudent to take a measured approach to all of our efforts in order to do so in a sustainable way, with an objective towards supporting those things that will be important to the long-term economic recovery of our region,” continued Savarese. “This is why we have made a number of modifications and accommodations to our products and services, and will also be introducing new loan programs designed to assist consumers and businesses who are experiencing financial stress caused by the pandemic.”
Assistance for Personal Customers
Cape Cod 5 also announced enhancements to its deposit and loan products to better serve customers and provide relief:
- Waiver of overdraft and uncollected funds fees for an initial 30-day period
- Waiver of CD early withdrawal penalties on CDs on withdrawals of up to $20,000 for an initial 30-day period
- Increased consumer mobile deposit limits
- Allowance for temporary deferral of mortgage payments, based on need and request
- Suspension of foreclosures and evictions for 60 days
Assistance for Business Customers
The following accommodations are available for business customers:
- Modifications for loan repayment relief, including interest-only payments, based on need and request
- Flexibility to increase remote and mobile deposit limits, based on request
- Waiver of overdraft and uncollected funds fees for an initial 30-day period
- Waiver of CD early withdrawal penalties on business CDs on withdrawals of up to $20,000 for an initial 30-day period
Accommodations for Employees
- Implemented a temporary pay adjustment for retail and other staff working in a physical location to serve customers during this time
- Reduced potential exposure by practicing safe social distancing at all locations
- Made arrangements for its operational staff to work from home
- Increased frequency and enhanced protocols for cleaning at all locations
This announcement comes as part of Cape Cod 5’s ongoing efforts to provide support and relief as COVID-19 affects more local residents and businesses, while also adapting the way it serves customers in order to protect the health and safety of all. Last week Cape Cod 5 was one of the first banks in Massachusetts to redirect its customers to serve them more safely from its drive-ups, temporarily closing its Banking Center lobbies as a proactive measure to mitigate the spread of illness.
For more information from Cape Cod 5, including ways to protect yourself from scams and fraud schemes surrounding COVID-19, visit https://www.capecodfive.com/coronavirus.
